First Capital Bank Limited (FCB) says it still awaits regulatory approval for the disposal of its stake in hospitality firm Makasa Sun (Private) Limited (Makasa).
The financial institution, which in January this year secured exchange control approval from the central bank for the transaction, plans a $30 million disposal of its shares in Makasa – formerly The Kingdom Hotel.
“…the transaction remains subject to the outstanding regulatory approvals,” Sarudzai Binha, FCB company secretary, cautioned in a 24 March 2026 statement.
“The market will be notified upon completion,” Binha said.
The transaction remains subject to clearance from the Competition and Tariff Commission, the Zimbabwe Revenue Authority and the Common Market for Eastern and Southern Africa’s Competition and Tariff Tribunal.
FCB holds a 50 percent economic interest in Makasa, valued at approximately US$15 million, with the remaining stake held by the FCB Staff Pension Fund.
Under the terms of the deal, ASB Hospitality – a UAE-based investor and operator active in the luxury hospitality sector, mainly in Africa – will acquire the entire issued share capital of Makasa for a US$30 million cash consideration. – TML