{"id":49950,"date":"2021-11-16T20:01:33","date_gmt":"2021-11-16T18:01:33","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=49950"},"modified":"2021-11-16T18:22:48","modified_gmt":"2021-11-16T16:22:48","slug":"african-suns-main-shareholder-mulls-voluntary-liquidation","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/african-suns-main-shareholder-mulls-voluntary-liquidation","title":{"rendered":"African Sun\u2019s Main Shareholder Mulls Voluntary Liquidation"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Arden Capital, the Johannesburg Stock Exchange (JSE)-listed private equity group that controls African Sun, is considering voluntary liquidation, painting a grim future for Zimbabwe\u2019s hospitality industry.<\/p>\n

Formerly known as Brainworks, Arden\u2019s main investment is its 57% shareholding in African Sun\u2019s 11 hotels, which include Crown Plaza Monomotapa, Elephant Hills, and part of the Victoria Falls Hotel.<\/p>\n

In a notice on the JSE on Monday, Arden said that it can no longer remain in business.<\/p>\n

It will now delist its JSE shares and unbundle them into Arden Enterprises Limited, a wholly-owned arm.<\/p>\n

This will effectively make Arden a shell company and ease it into voluntary liquidation. The company said:<\/p>\n

As a result of the ongoing erosion of value for shareholders, now coupled with the losses experienced by the group as a result of the COVID-19 pandemic thereby placing the company in considerable financial constraints, the board is proposing that shareholders consider and approve a Voluntary Liquidation of the company.<\/p>\n

This is after exhausting all other avenues of seeking further investment from shareholders.<\/p>\n

Arden is also selling its logistics company FML, which moves bulk fuel across the region, for US$1 million.<\/p>\n

Arden will use that money to pay off debts, the company said in a separate JSE notice.<\/p>\n

In June, Arden had warned that it was reconsidering its investment in African Sun due to the prolonged impact of COVID-19 on the hospitality industry.<\/p>\n

Occupancy rates at African Sun fell to 23% last year, down from 48% in 2019.<\/p>\n

This was the lowest ever level of business for the company, as tourism dipped 85% in Zimbabwe and global travel suffered.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Arden Capital, the Johannesburg Stock Exchange (JSE)-listed private equity group that controls African Sun, is considering voluntary liquidation, painting a grim future for Zimbabwe\u2019s hospitality industry. Formerly known as Brainworks, Arden\u2019s main investment is its 57% shareholding in African Sun\u2019s 11 hotels, which include Crown Plaza Monomotapa, Elephant Hills, and part of […]<\/p>\n","protected":false},"author":84,"featured_media":49949,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,7126,7127,7128,7125,19],"class_list":{"0":"post-49950","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-african-sun","14":"tag-arden-capital","15":"tag-johannesburg-stock-exchange","16":"tag-jse","17":"tag-zimbabwe"},"yoast_head":"\nAfrican Sun\u2019s Main Shareholder Mulls Voluntary Liquidation - zimbabwe<\/title>\n<meta name=\"description\" content=\"Arden Capital, the Johannesburg Stock Exchange (JSE)-listed private equity group that controls African Sun, is consideri ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-suns-main-shareholder-mulls-voluntary-liquidation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African Sun\u2019s Main Shareholder Mulls Voluntary Liquidation\" \/>\n<meta property=\"og:description\" content=\"Arden Capital, the Johannesburg Stock Exchange (JSE)-listed private equity group that controls African Sun, is consideri ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-suns-main-shareholder-mulls-voluntary-liquidation\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-16T18:01:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-16T16:22:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/11\/img-6193dab2f074f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"687\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-suns-main-shareholder-mulls-voluntary-liquidation\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-suns-main-shareholder-mulls-voluntary-liquidation\",\"name\":\"African Sun\u2019s Main Shareholder Mulls Voluntary Liquidation - 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