African Sun convenes EGM to seek shareholder approval for Carribea Bay Resort sale

African Sun Limited is set to convene an Extraordinary General Meeting (EGM) on March 4, 2026, to finalize the disposal of Caribbea Bay Resort and its associated assets for US$5.65 million. The company is selling the property to the Public Service Pension Fund (PSPF), a State-managed, funded retirement scheme.

Caribbea Bay Resort

The sale proceeds will be used to refurbish key properties, including Elephant Hills Resort, Holiday Inn Hotels, and The Victoria Falls Hotel, enhancing guest experience and hospitality standards. Focus on high-quality hotels will enhance operational efficiency and profitability.

The transaction will increase liquidity, support capital improvements, and fund the share buyback scheme.

Timelines for the completion of the transaction have been established, with the record date set for February 27, 2026, and the last day for lodging Proxy Forms also being February 27, 2026. The EGM is slated for March 4, 2026 followed by the publication of EGM Results on the same day.

The disposal is part of African Sun’s strategy to unlock shareholder value and focus on core assets. Shareholders were advised to complete and return proxy forms by February 27, 2026.

John Tanyanyiwa

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