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By Alois Vinga THE hospitality sector has pleaded with the government to review the current strict Covid-19 lockdown restrictions as room occupancy levels hit zero as the industry faces huge financial losses. Speaking to NewZimbabwe.com Saturday, Hospitality Association of Zimbabwe (HAZ) president, Clive Chinwada bemoaned the low business levels which have pushed the sector to the brink of collapse. “Occupancies have plummeted in the last three weeks to zero percent in many destinations. There is very little activity taking place,” he said. “We have been dealing with the pandemic for over a year now. In that year, we have had at least four lockdowns including the current lockdown. It is, therefore, reasonable to suggest that we cannot continue to have lockdowns ad infinitum.” ....
By Alois Vinga THE contract termination of Legacy Hospitality Management Services (LHMS) by leading hotelier, African Sun is yet to be finalised by the courts amid assurances that operations will continue unaffected. In 2015, African Sun entered into an agreement which gave LHMS rights to run hotels which include Elephant Hills in Victoria Falls, Monomotapa in Harare, Troutbeck Resort in Nyanga, Hwange Safari Lodge and the Kingdom at Victoria Falls Hotel, among others. However, following some disagreements, African Sun terminated the LHMS contract after an arbitral award’s ruling in favour of the move. In an update recently, the hotelier’s board chairman, Alex Makamure said the courts were yet to reach finality on the matter. ....
By Alois Vinga LEADING hotelier, African Sun Limited (ASL) has commenced the integration of Dawn Properties Limited (DPL) following the recent acquisition of the entity’s controlling stake. Last year the acquisition of the entire issued ordinary shares of DPL was approved for an issuance of the African Sun Limited ordinary shares listed on the Zimbabwe Stock Exchange (ZSE). The transaction was achieved through an issuance of one ASL ordinary share for every 3,988075746 Dawn ordinary shares held. In a recent update, ASL chairperson, Alex Makamure said the hotelier has commenced the process of integrating the property concern. “I am pleased to advise that pursuant to the Company’s offer to acquire 100% of DPL’s ordinary shares as of 20 January 2021. The company is going through pertinent legal processes to acquire the remaining 8.83%. We are in the process of integrating the business to achieve the anticipated synergies,” he said. ....
ZSE has its best month in a year Business Reporter The Zimbabwe Stock Exchange had its best closing month in more than a year after its market capitalisation closed at $531.7 billion. Since October 2020, the ZSE has closed higher than the previous month. Turnover for June, was also the second-highest for the period under review. Meanwhile, for the week to 31 March 2021, the ZSE market capitalisation gained 8.96 percent to close at $531,7 billion. At the close, the ZSE All Share Index was 7.96 percent firmer at 4,488.78. Its year to date gain is now 70,27 percent. The week’s best performing Index was the ZSE top 10 Index which added 10.76 percent to 2 610,46. ....