First Capital Bank (FCA) is in negotiations to dispose of Makasa Sun Hotel, formerly known as Kingdom Hotel in Victoria Falls, after reaching an agreement with its co-shareholder to sell.
The bank issued a cautionary statement to stakeholders, noting:
“The Directors of First Capital Bank Limited wish to inform shareholders and the investing public that the company and its co-shareholder have resolved to dispose of their respective shareholdings in Makasa Sun (Private) Limited, whose sole asset is the Makasa Sun Hotel (formerly known as the Kingdom Hotel located in Victoria Falls, Zimbabwe).”
The hotel, once a landmark in Victoria Falls, was managed by African Sun Limited from 1996 until 2022, when the hospitality group exited after failing to agree on a new lease with the landlord.
FCA currently holds a 50 percent stake in Makasa Sun (Private) Limited. Negotiations with a potential investor are underway, and the market has been advised to exercise caution when dealing with the company’s shares.
First Capital Bank operates in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe. It is a registered commercial bank and a member of the Deposit Protection Scheme.
