African Sun - Market Update - AGM

African Sun Limited is pleased to release the presentation by Dr S.A. Munyeza, Group CEO, to shareholders at the 40th Annual General Meeting. Below is an extract from the presentation:

STRATEGIC UPDATE

    The austerity measures which were implemented last year have begun to bear fruit.

    We have negotiated an earlier exit from Holiday Inn Accra. This is reflected on our post balance sheet events in our annual report note 31.

    We have exited Holiday Inn Gaborone in light of what we perceived as a depressed operating environment after our exit from South Africa.

    Amber Express is progressing well and we are looking at options of structuring it in line with our new business model going forward.

    We continue to pursue management contracts in our selected markets.

    The refurbishment of our hotels is now underway with the first three city hotels, Holiday Inn Harare, Holiday Inn Bulawayo and Crowne Plaza Monomotapa, expected to be completed by June 2012. Thereafter we start the refurbishment of the Victoria Falls properties.

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