There have been major board changes at African Sun Ltd. (ASL) as the hospitality group has appointed a new chairman and several new directors.
Timothy Chiganze has been appointed the new chairman following the resignation of Eben Makonese who had chaired the group for 13 years.

Mr Chiganze would be deputised by Bekithemba Nkomo.

Other new board members include Vernon Lapham and Yvonne Johnson.

Nonhlanhla Kosa, a South African national, was appointed to the African Sun Limited PCC Mauritius board.

ASL has been the fastest growing group regionally and says that regional contributions to the group’s bottom line will be 35% from West Africa, East Africa 7%, Southern Africa excluding Zimbabwe 33% and Zimbabwe 25%.

ASL will next month convene an EGM to seek shareholders approval to go ahead to raise US$25 million for the acquisition of new hotels and the refurbishment of existing properties.

Directors are seeking shareholder approval to raise US$10 million by way of a private placement, a development that will require shareholders to waive their pre-emptive rights.

The additional US$15 million would be a capital loan from multilateral financial institutions.