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| Business |
| Lingadzi Inn not yet sold,Lingadzi Inn not yet sold |
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by
Aubrey Mchulu,Aubrey Mchulu, 05 January 2004
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16:04:59
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Sunbird Tourism Limited, a local hotel chain listed on the Malawi Stock Exchange in 2002, said on Monday the sale of Lingadzi Inn in the capital Lilongwe is still in the process.
Sunbird company secretary Maureen Kachingwe said Sunbird has received a good response from prospective bidders for the once hot entertainment spot in the capital city.
“The sale is still in the process. We have received a very good response from bidders,” said Kachingwe.
Interested bidders were expected to pay Sunbird Tourism Limited over K75 million, ($707,547) according to newspaper advertisements that were run in the press between July and August last year which gave bidders August 20 deadline.
On the fate of the staff at the hotel currently on Sunbird’s pay-roll, Kachingwe said her company would liaise with the successful bidders at an appropriate time.
“We haven’t yet concluded what should happen [to staff] but we will discuss it,” she said.
A brain-child of businessman the late Chester Katsonga, Lingadzi Inn, situated along Chilambula Road, covers three hectares, has 36 rooms, a restaurant and a bar. It also boasts a hall where disco and other entertainment activities used to take place.
Sunbird Tourism runs eight hotels and resorts in the country namely: Le Meridien Capital in Lilongwe, Le Meridien Mount Soche in Blantyre, Le Meridien Livingstonia Beach in Salima, Le Meridien Ku Chawe Inn on Zomba plateau, Nkopola Lodge in Mangochi, Mzuzu Hotel up north and Lingadzi and Lilongwe Hotel in Lilongwe.
Government investment arm, Malawi Development Corporation has 68.96 percent shareholding in Sunbird while the CDC Group has 11.9 percent, Indebank 4.14 percent and 15 percent for the public, Sunbird employees and institutional investors after the listing on the stock market.,Sunbird Tourism Limited, a local hotel chain listed on the Malawi Stock Exchange in 2002, said on Monday the sale of Lingadzi Inn in the capital Lilongwe is still in the process.
Sunbird company secretary Maureen Kachingwe said Sunbird has received a good response from prospective bidders for the once hot entertainment spot in the capital city.
“The sale is still in the process. We have received a very good response from bidders,” said Kachingwe.
Interested bidders were expected to pay Sunbird Tourism Limited over K75 million, ($707,547) according to newspaper advertisements that were run in the press between July and August last year which gave bidders August 20 deadline.
On the fate of the staff at the hotel currently on Sunbird’s pay-roll, Kachingwe said her company would liaise with the successful bidders at an appropriate time.
“We haven’t yet concluded what should happen [to staff] but we will discuss it,” she said.
A brain-child of businessman the late Chester Katsonga, Lingadzi Inn, situated along Chilambula Road, covers three hectares, has 36 rooms, a restaurant and a bar. It also boasts a hall where disco and other entertainment activities used to take place.
Sunbird Tourism runs eight hotels and resorts in the country namely: Le Meridien Capital in Lilongwe, Le Meridien Mount Soche in Blantyre, Le Meridien Livingstonia Beach in Salima, Le Meridien Ku Chawe Inn on Zomba plateau, Nkopola Lodge in Mangochi, Mzuzu Hotel up north and Lingadzi and Lilongwe Hotel in Lilongwe.
Government investment arm, Malawi Development Corporation has 68.96 percent shareholding in Sunbird while the CDC Group has 11.9 percent, Indebank 4.14 percent and 15 percent for the public, Sunbird employees and institutional investors after the listing on the stock market. |
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