“The group is investigating the possibility of placing 20 percent of the group’s shares on the Africa Board,” it said at the Imara Holdings investment conference in Zimbabwe last week.
The Harare-based firm aims to have 8 500 rooms by 2012, from 2 500 currently. Over the next year it would add 500 rooms in Nigeria and Botswana. It would seek funding of $60 million (R475.8m) over the next two to three years, it added.
Zimbabwe’s economy is forecast to expand this year after the formation of a coalition government to end a political impasse that caused the world’s highest inflation rate and prompted a quarter of the country’s population to emigrate.
“A nascent economic recovery appears to be under way,” the International Monetary Fund said last week. African Sun is 23.4 percent owned by Old Mutual.
Business Report (SA)
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