Dawn directors re-elected

HARARE - Zimbabwe Stock Exchange listed company Dawn Properties Limited (Dawn) shareholders unanimously approved the re-election of all its directors following the clinching of a compromise deal with African Sun early this year.

Yesterday, shareholders of the two firms retained chairperson Tendai Chimuriwo, directors Mike Manyika, Dave Cooper, Dirk Godwasser and Phibion Gwatidzo while ASL nominees Bekhitemba Ndebele and George Manyere were elected to the board.

Dawn chief executive Manyika said the group would now focus on unlocking value out of the hotel portfolio.
“In this regard we had challenges at the execution stage and this culminated in us taking African Sun to court,” he said.

“However, I am happy to say that the two parties have agreed to explore value unlocking options jointly. Three options we have on the table are disposal of certain assets, leasing of certain assets to new tenants and a merger.”

In the current trading update Manyika said group level revenues were 10 percent ahead of this time last year while expenses were 10 percent below the comparative period. - John Kachembere

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