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*African Sun’s Main Shareholder Mulls Voluntary Liquidation* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?iq 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’s hospitality industry. Formerly known as Brainworks, Arden’s main investment is its 57% shareholding in African Sun’s 11 hotels, which include Crown Plaza Monomotapa, Elephant Hills, and part of the Victoria Falls Hotel. ---------- Pindula is best experienced with the Android App. *Download APK here:* https://zero.pindula.co.zw/media/apps/apks/pindula23.apk _On Econet, Pindula does NOT use your data_ ---------- In a notice on the JSE on Monday, Arden said that it can no longer remain in business. It will now delist its JSE shares and unbundle them into Arden Enterprises Limited, a wholly-owned arm. This will effectively make Arden a shell company and ease it into voluntary liquidation. The company said: > 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. > This is after exhausting all other avenues of seeking further investment from shareholders. Arden is also selling its logistics company FML, which moves bulk fuel across the region, for US$1 million. Arden will use that money to pay off debts, the company said in a separate JSE notice. 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. Occupancy rates at African Sun fell to 23% last year, down from 48% in 2019. This was the lowest ever level of business for the company, as tourism dipped 85% in Zimbabwe and global travel suffered. *More: newZWire* itel A50 now available on Pindula at $84 64GB storage, 2GB RAM. _ideal for light usage_ _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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