African Sun targets Dawn Properties
AFRICAN Sun Limited has advised its shareholders that they are in talks with Dawn Properties Limited to acquire 100 percent of their share capital in exchange for African Sun shares.
In a cautionary statement issued by the hoteliers yesterday, the shares would be acquired after both parties agree on a price.
African Sun noted that its shareholders would be provided with more details on the transaction in due course, while also advising that they should consult with their financial advisors before dealing in the company’s shares.
“It is the intention to apply to the Zimbabwe Stock Exchange for a voluntary delisting of Dawn Properties in terms of Section 11 of the Zimbabwe Stock Exchange Listing Requirements if the acquisition is successfully approved by its shareholders,” read part of the cautionary.
Meanwhile, Dawn properties also advised its shareholders of the proposed acquisition and stated that its directors were evaluating the offer and would communicate in due course.
“Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities. Further announcements will be made in accordance with regulatory requirements as and when there are material developments,” Dawn Properties said.