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Zimbabwe Stock Exchange listed hospitality group, African Sun recorded a $10 million loss for the full year ended September 30,2011,while it had a $4,9 million long term interest bearing loan following a draw down for a facility secured for the refurbishment of its hotels.
The groups short term loans amounted to $8,1 million, a 17,5 percent increase compared to prior year.
The company has announced that it would be terminating its lease agreement for the 151 room Holiday Inn Gaborone.
“Following the closure of the hotels in South Africa, we have reviewed the lease agreement for the Holiday Inn Gaborone, and this has led to a decision, subsequent to yearend to exit the lease in agreement with the landlord, “company chairman Timothy Chiganze said.
Going forward the company would align its operations to its core hospitality business, supported by cost savings and volume growth.
The groups short term loans amounted to $8,1 million, a 17,5 percent increase compared to prior year.
The company has announced that it would be terminating its lease agreement for the 151 room Holiday Inn Gaborone.
“Following the closure of the hotels in South Africa, we have reviewed the lease agreement for the Holiday Inn Gaborone, and this has led to a decision, subsequent to yearend to exit the lease in agreement with the landlord, “company chairman Timothy Chiganze said.
Going forward the company would align its operations to its core hospitality business, supported by cost savings and volume growth.
