The Competition and Tariff Commission (CTC) has approved the sale of Zimbabwe’s renowned five-star hotel, Meikles Hotel.
Meikles is set to be acquired by Albwardy Investment, a Dubai-based entity through its firm ASB Hospitality Zimbabwe Ltd. CTC said in a statement:
The merger will not lead to the acquisition of market power and the removal of an efficient competitor.
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Meikles revealed in a statement two weeks ago that talks to dispose of some of its assets were ongoing;
Further to the cautionary statement published in the Press on February 22, 2019, and subsequent updates on March 20, 2019; April 12, 2019, and May 2, 2019, the directors of Meikles Limited wish to advise shareholders that discussion to sell certain of its hospitality assets are on-going.
The company will be seeking the approval of its shareholders for the proposed disposal at an extraordinary general meeting to be convened at a future date.
A Sunday Mail report claims that its sources have revealed that the deal is worth US$20 million.