Hotel and Leisure group, African Sun Limited says is divesting from African Sun Limited PCC, the holding company for its external business to focus on its Zimbabwean operations.
The hotel group has operations in countries that include South Africa, Ghana and Nigeria.
“African Sun Limited advises that in line with the current strategic thrust adopted by the company in 2015 to focus solely on the Zimbabwean hotel business, the company is in the process of disposing its interest in African Sun Limited PCC, the holding company for all external entities,” the group in a statement.
AfSun said the external entities had accumulated comprehensive losses of $19.56 million and were in a net liability position of $3.94 million as at 31 December 2015.
The hospitality group in its FY2015 results indicated that it was going shut down its loss making hotels in and outside Zimbabwe and was undertaking major cost rationalisation measures to bring back existing operations to profitability.
Discontinued external operations include the Amber Accra Hotel in Ghana while locally, it closed the loss-making Beitbridge Express in January this year.
It also reduced its staff compliment to 1 179 from 1 490.- The Source
(142 VIEWS)
This post was last modified on July 14, 2016 6:58 pm
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…
Zimbabwe’s new currency today fell against the United States for the first time since its…
Zimbabwe’s new currency has wiped out a more than 330% gain on the stock market…
One bane of recent public discourse in Zimbabwe is not only that it is never…
Zimbabwe’s new currency kicked off its third week on a stronger note raising questions as…