Nqobile Bhebhe
Zimpapers Business Hub
MEIKLES Limited is seeking shareholder approval to dispose of its 50 percent undivided interest in the Victoria Falls Hotel Partnership to African Sun Limited for US$15 million, in a proposed transaction that could reshape ownership in one of Zimbabwe’s premier tourism assets.
Meikles currently holds a 50 percent lease-and-operations stake in the iconic 149-room Victoria Falls Hotel, which the two companies have jointly run since 1998.
The underlying land and building belong to Emerged Railway Properties, a joint venture between the state railway networks of Zimbabwe and Zambia.
Classified as a Category 1 transaction under Section 253 of Statutory Instrument 134 of 2019, the deal requires shareholder approval at an Extraordinary General Meeting (EGM), alongside final regulatory consents.
In a notice of the EGM, Meikles stated that the proposed disposal will be undertaken through its wholly owned subsidiary, Meikles Hospitality (Private) Limited, which holds the interest in the partnership. The virtual EGM is scheduled for October 30, 2026, immediately following the company’s Annual General Meeting.
Shareholders will be asked to approve the disposal as an ordinary resolution, alongside a separate resolution authorising the company’s directors to implement the transaction.
The proposed consideration of US$15 million places a clear valuation on Meikles Hospitality’s 50 percent interest in the Victoria Falls Hotel Partnership, although the notice does not disclose further details regarding the payment structure or intended use of proceeds.
The transaction will be executed via a partnership interest cession and transfer agreement, subject to the terms and conditions outlined in a circular distributed to Meikles shareholders. If approved, the disposal would mark a significant portfolio decision for Meikles as the group evaluates the value of its hospitality assets and the strategic allocation of capital across its businesses.
The move completes Meikles’ long-term exit from the hotel sector, following its earlier sale of the Meikles Hotel in Harare to Dubai-based Albwardy Investments.
For African Sun, the proposed acquisition represents an opportunity to consolidate its interest in the Victoria Falls Hotel Partnership, strengthening its position in a destination central to Zimbabwe’s international tourism profile. African Sun is funding the buyout—and an accompanying US$11 million hotel refurbishment—by divesting its Holiday Inn portfolio in Harare, Bulawayo and Mutare.
Victoria Falls serves as the anchor and highest-earning tourism asset for Zimbabwe, drawing global travellers to see one of the Seven Natural Wonders of the World, experience diverse wildlife offerings, and participate in adventure tourism. The region is currently experiencing a major capital influx, with international and regional investors aggressively acquiring and upgrading assets. Notable recent transactions include Albwardy Investments purchasing The Kingdom Hotel for US$30 million.
Under the second proposed resolution, Meikles directors (or a duly authorised committee) would be empowered to amend or vary the transaction’s terms, provided any changes are not material to the proposed disposal. The directors would also be authorised to undertake all necessary actions to give effect to the deal.
African Sun Limited’s full takeover of the Victoria Falls Hotel highlights how major operators view total operational control of iconic local assets as critical for maximizing long-term luxury yields.
Source: Meikles seeks shareholder nod for US$15m Vic Falls Hotel exit – herald
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