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NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

Dispute over hotel leases to be clarified

News
Dawn Properties and African Sun are this week expected to issue a joint statement to clarify issues surrounding their dispute over hotel leases. On April 10, Zimbabwe Stock Exchange (ZSE) chief executive officer Emmanuel Munyukwi wrote to ZSE listing committee advising them he had met chairpersons of the two companies and resolved to issue a […]

Dawn Properties and African Sun are this week expected to issue a joint statement to clarify issues surrounding their dispute over hotel leases.

On April 10, Zimbabwe Stock Exchange (ZSE) chief executive officer Emmanuel Munyukwi wrote to ZSE listing committee advising them he had met chairpersons of the two companies and resolved to issue a joint statement to clear the air.

Said Munyukwi: Both chairmen were concerned with the proposed notice to shareholders by Dawn Properties as they were working towards resolving the dispute over the leases. They will submit to the Zimbabwe Stock Exchange a joint statement to be issued by the companies by April 19 2012.

Some of the members of the ZSE listings committee include Vimbai Nyemba, Seti Shumba, Geoff Mhlanga and Itai Chirume.

Dawn Properties chief executive officer Mike Manyika refused to comment and referred all questions to chairman Tendai Chimuriwo, who could not be contacted at the time of going to press yesterday.

I am out of the country right now. Try our chairman on Costain landlines, Chimuriwo, he said.

Last week the Zimbabwe Independent reported that African Sun and Dawn Properties were facing suspension from the local bourse over the lease dispute.

This was after Dawn Properties reportedly took African Sun to court over late payments of rentals and violations of property maintenance.

It is understood Dawn Properties was considering terminating eight hotel leases with African Sun.

These include Hwange Safari lodge, Holiday in Mutare, Carribea Bay Sun in Kariba, Elephant Hills in Victoria Falls, Crowne Plaza Monomotapa Hotel in Harare, Express Holiday Inn in Beitbridge and Troutbeck Hotel in Nyanga.

At an annual general meeting held recently, African Sun Limited said it was targeting a $59,8 million turnover for 2012 following a solid performance by the group in the first five months to February 2012.

The companys chief executive officer Shingi Munyeza said austerity measures the company implemented had begun to bear fruit.

During the period under review, the company recorded an increase in turnover of 19% to $22 million slightly ahead of the target, while foreign arrivals were 25% up from last year.