HARARE — First Capital Bank has announced it has agreed to sell its entire shareholding in Makasa Sun to ASB Hospitality LLC of the United Arab Emirates in a transaction valued at $30 million.
The deal, confirmed in a press statement issued on November 19, 2025, will see First Capital Bank and its co-shareholder, the First Capital Bank Staff Pension Fund, dispose of all ordinary and preference shares they currently hold in the hotel company, whose main asset is the Kindgom Hotel in Victoria Falls.
ASB Hospitality will become the 100 percent beneficial owner of Makasa Sun once conditions precedent are met.
The sellers have already received a $3 million deposit, placed in escrow pending regulatory and competition approvals. The remaining $27 million will be paid out on completion.
The bank said the sale is part of a strategic shift to unlock shareholder value by shedding non-core hospitality assets and refocusing on core banking and financial services.
ASB Hospitality which took over Meikles Hotel in Harare, now rebranded Hyatt, is expected to “enhance the strategic positioning of Makasa Sun Hotel (Kingdom Hotel) and support further investment in the Zimbabwean hospitality sector,” the bank noted.
The bank said Kindgom Hotel which had been closed for years has been classified as a dormant entity in its consolidated accounts, meaning the divestment is not expected to materially affect earnings or headline earnings per share.
As of October 31, 2024, the consolidated net asset value attributable to Kingdom Hotel stood at $27,978,445, while First Capital Bank’s 50 percent equity stake was valued at $15 million. The disposal represents 11.19 percent of the bank’s market capitalisation as at September 17, 2025, making it a Category 3 transaction under VFEX listing requirements.
The deal remains subject to approvals from the Reserve Bank of Zimbabwe’s Exchange Control Department, COMESA Competition Commission, the Zambezi Valley Investment Agency, and other required authorities.
Company secretary Sarudzai Binha cautioned shareholders to continue exercising care when trading the bank’s securities until all regulatory processes have been finalised.
Silverbase Investments and Grant Thornton are the financial advisers for ASB Hospitality while Cantor Immerman were the legal advisers.
