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.
ASB, a subsidiary of United Arab Emirates-based Albwardy Investment, previously purchased the Hyatt Regency Harare The Meikles, from Meikles Limited for US$20 million in 2020.
Consequently, the acquisition of Makasa — and by extension the Kingdom Hotel — marks ASB’s second major hospitality investment in Zimbabwe.
Media Article Links :
https://www.newsday.co.zw/business/article/200048714/uaes-asb-to-expand-zim-hospitality-portfolio-by-buying-makasa
https://3-mob.com/news/first-capital-bank-to-sell-former-kingdom-hotel-stake-in-usd-30m-deal/
https://www.zimlive.com/first-capital-bank-to-exit-kingdom-hotel-with-30-million-sale-to-uae-investor/
https://www.heraldonline.co.zw/uae-investor-buys-another-zimbabwe-hotel/
