Africa-Press – Zimbabwe. ASB Hospitality LLC (ASB) has finalised a deal to purchase Makasa Sun (Private) Limited (Makasa) — the owners of the Kingdom Hotel in Victoria Falls — from First Capital Bank Zimbabwe (FCBZ) for US$30 million, it has been revealed.
In 2001, the bank acquired a joint interest in Makasa, a leisure and tourism company that had been leasing the Kingdom Hotel to African Sun Limited (ASL).
FCBZ held a 50% stake in Makasa, with the remaining 50% owned by the First Capital Bank Pension Fund.
However, in 2022, ASL announced plans to cease operations at the Kingdom Hotel, a move that took effect in January 2023.
ASB, a subsidiary of United Arab Emirates-based Albwardy Investment, previously purchased the Hyatt Regency Harare The Meikles, from Meikles Limited for US$20 million in 2020.
Consequently, the acquisition of Makasa — and by extension the Kingdom Hotel — marks ASB’s second major hospitality investment in Zimbabwe.
“Further to the cautionary statements issued on September 17,2025, October 8,2025 and October 29,2025, the directors of First Capital Bank Limited (the company or the bank) wish to advise all shareholders and the investing public that the company and its co-shareholder First Capital Bank Staff Pension Fund (the fund) (hereinafter collectively referred to as the existing shareholders or the sellers as the context requires) have signed a share purchase agreement with a potential investor, ASB Hospitality LLC (hereinafter referred to as the purchaser), regarding the proposed disposal of their respective shareholdings in Makasa Sun (Private) Limited (the sale shares), in its capacity as the target company,” FCBZ said in a statement.
“The sellers have entered into a binding agreement with ASB Hospitality LLC (the purchaser), a foreign investment holding company registered in the United Arab Emirates, for the sale of all issued ordinary shares and redeemable preference shares in Makasa Sun (Private) Limited.
“Upon conclusion of the transaction, the purchaser will become the ultimate beneficiary, acquiring 100% of the issued share capital of Makasa Sun.”
FCBZ said the effective date of the transaction will be confirmed upon satisfaction or waiver of all conditions precedent, or such other date as agreed in writing by the parties.
This comes as the transaction is subject to several regulatory approvals.
These include approvals from the Reserve Bank of Zimbabwe Exchange Control, the ComesaCompetition and Tariff Tribunal in conjunction with the Competition and Tariff Commission (Zimbabwe), and the Zimbabwe Revenue Authority.
“The total consideration for the sale of all issued shares (sale shares) in Makasa Sun is US$30 000 000, payable as follows,” FCBZ said.
“A deposit of US$3 000 000 has been settled and placed in escrow pending completion, and the balance of US$27 000 000 is to be paid in full on completion date against the transfer of the sale shares.”
According to the bank, the net assets subject to the transaction comprise all ordinary and preference shares representing 100% of Makasa’s issued share capital, including the hotel.
“As at October 31,2024, the consolidated net asset value attributable to Makasa Sun amounted to US$27 978 445,” FCBZ said.
The bank’s disposal of Makasa will replace its recorded assets with cash proceeds of an equivalent amount.
As a result, FCBZ’s net asset value and net tangible assets per share are not expected to materially change, except for adjustments related to transaction costs, taxes, and subsequent application of proceeds.
“The rationale for the transaction is to unlock shareholder value through divestment of the non-core hospitality asset, enabling the bank to focus on core banking and financial services activities,” FCBZ said.
“The sale to ASB Hospitality LLC, a renowned international hotel owner which is supported by Global Hotel operator brands, is anticipated to enhance the strategic positioning of Makasa Sun Hotel and support further investment in the Zimbabwean hospitality sector.”
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