First Capital Bank Limited (FCB)’s deal to dispose of its stake in hospitality firm Makasa Sun (Private) Limited (Makasa) is finally proceeding after receiving full approvals from regulatory authorities.
The financial institution’s $30 million deal had been awaiting approvals from COMESA, the Zimbabwe Revenue Authority (Zimra) and the Competition and Tariff Commission (CTC) of Zimbabwe, which have all been granted.
It had only secured exchange control approval from the Reserve Bank of Zimbabwe (RBZ) back in January 2026.
“…the following key conditions precedent have now been satisfied: …approval by the COMESA Competition and Tariff Tribunal together with the CTC; (and) capital gains withholding tax clearance from…Zimra,” FCB company secretary Sarudzai Binha said in a 7 April 2026 cautionary statement.
Binha said investors will be updated “upon completion of the transfer of shares on previously disclosed terms”.
FCB holds a 50 percent stake in Makasa – formerly The Kingdom Hotel, 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