Victoria Falls Stock Exchange listed hospitality group, African Sun Limited, has revealed that the decision to sell Great Zimbabwe Hotel in Masvingo and Beitbridge Express Hotel was part of the company's strategic plan to optimize its portfolio and drive growth.
African Sun Limited has announced plans to dispose of additional hospitality assets, following its recent sale of two underperforming hotels, Great Zimbabwe Hotel and Beitbridge Express Hotel, for approximately US$7 million.
Meikles Limited, a leading Zimbabwean conglomerate with interests in retail and hospitality, has issued a cautionary statement to its shareholders and the public, advising them to exercise caution when dealing in the company's shares.
African Sun Limited and its subsidiaries have received a qualified audit report from independent auditors, Grant Thornton Chartered Accountants (Zimbabwe), highlighting concerns over the company's financial statements.
African Sun Limited (ASL), Zimbabwe's hospitality group, released its audited consolidated financial statements for the year ended December 31, 2023 showcasing a 30% increase in revenue compared to the previous year, while also revealing significant challenges faced by the company due to the country's ongoing economic instability.
