17 January 2018
   
ED takes over Bob's globe-trotting too?
$150m waste: Vic Falls airport shocker
Grace, Bob sanctions review in February
Africa handled Mugabe ouster: Namibia Pres
SA: Student fails; kills Zim teacher
Zim family still at Thailand airport
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
MORE NEWS
SMM saga: Letter to RBZ chairperson
Minister sells post-Bob Zimbabwe in Spain
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Mourinho says 'relaxed' about Sanchez
Bangladesh easily beat Zimbabwe
MORE SPORTS
'Shit-hole': Just Take moral high ground
ZHUWAO BRIEF: ED-iots and election delay
MORE OPINION
 
Trump rage ignores truth: A response
ED govt legitimacy & the church’s role
MORE COLUMNISTS
 
 
African Sun to exit Dawn Properties
04/03/2014 00:00:00
by Business Reporter
 
Key transaction ... ASL boss Shingi Munyeza
 
RELATED STORIES

ZIMBABWE’S largest hospitality group, African Sun Limited (ASL) will go ahead with the sale of its Dawn Properties shares to Lengrah Investments after the Zimbabwe Stock Exchange (ZSE) approved the transaction on Tuesday.

Last week ZSE said the deal had not been endorsed but bourse granted approval this week, allowing the transaction to go ahead.

An  EGM notice to be published on 21 March 2014 suggest that ASL will disposing of its 16.54 percent Dawn Properties linked units to Lengrah Investments for a cash consideration of US$5,97 million.

Net proceeds from this disposal will be applied towards reduction of short-term debt.

In addition, ASL expects “a further reduction of finance costs by US$986,711 per annum going forward in addition to the US$740,000 saving in finance costs per annum from the first disposal of 12 percent of the issued linked units in Dawn Properties”.

The board is also of the view that the benefits that will accrue from the disposal of the linked units will outweigh the impairment charge suffered by African Sun.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker