Hotelier African Sun (ASL) has made an offer to snap up Dawn Properties in a deal that will see it assume ownership of the property firm’s key assets and its delisting from the local bourse.

ASL company secretary Venon Musimbe said should the acquisition be approved by shareholders, it intended to apply to the Zimbabwe Stock Exchange for a voluntary delisting of Dawn Properties.

“Shareholders are advised that African Sun Limited (African Sun) is in discussions with Dawn Properties Limited (Dawn) for the acquisition of 100% of the issued share capital of Dawn in exchange for African Sun shares based on an agreed price,” Musimbe said.

“Shareholders of Dawn Properties Limited (the company or Dawn) and the investing public are advised that the company received an offer from African Sun Limited (ASL) whereby ASL seeks to acquire a 100% of the issued share capital of Dawn.

According to the 2018 annual report, top 10 shareholders in Dawn Properties are Brainworks Capital Management (Private) Limited (51,93%), Lengrah Investments (Private) Limited (14,88%), Old Mutual Life Assurance Company Zimbabwe Limited (11,10%), Old Mutual Zimbabwe Limited (10,16%), Stanbic Nominees (Private) Limited(4,01%), Zimbabwe Sun Employee Share Ownership Trust (0,98%), Stanbic Nominees (Private) Limited — NNR (0,55%), Archer Clothing Manufacturing (Private) Limited (0,52), Adrian Richard Fraser Armstrong (0,47%) and Faanya Rose (0,43%).

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