ASB Hospitality Acquires Makasa Sun in USD 30 Million Deal

First Capital Bank Limited (FCB) and its co-shareholder, First Capital Bank Staff Pension Fund, have signed an agreement to sell their 100% stake in Makasa Sun (Private) Limited to ASB Hospitality LLC for USD 30 million. The sale, subject to regulatory approvals, includes:

  • Deposit: USD 3 million (in escrow).
  • Balance: USD 27 million due on completion.
  • Rationale: FCB aims to divest a non-core asset and focus on banking.
  • Impact: Minimal effect on FCB’s net assets; proceeds will cover taxes and be reinvested.
  • Status: Category 3 transaction (11.19% of FCB’s market cap); caution advised until completion.

Shareholders will be updated as approvals are secured.

John Tanyanyiwa

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