HARARE – A hospitality group, African Sun Limited has completed its outright acquisition of broker Dawn Properties Limited for US$1.47 billion for the six months ended June 30, 2022.
African Sun’s interest in DPL was announced at a board meeting in May 2020, where the board agreed to purchase the agent by offering shareholders one share of the hotelier in exchange for 3,988,075,946 shares of the real estate company.
As previously reported, the transaction involved the issuance of 616,129,718 new ordinary shares of African Sun for listing on the ZSE for 2,457,172,108 shares of Dawn, representing 100% of the issued shares.
As of the last trading day of February 17, 2021, Dawn’s shares were worth $982.86 million.
However, African Sun reported that by the end of 2021, a total of 561,745,443 African Sun Limited shares had been issued in exchange for a 91.17% stake in Dawn, representing a $1.07 billion investment in the real estate agent.
- NewsDay Zimbabwe
