How Hichilema Sold Musio-o-tunya Intercontinental Hotel, Rainbow Lodge And National Park Valued For $26million Sold For $6.5million

PF MEDIA DIRECTOR SUNDAY CHILUFYA CHANDA WRITES…

DOCUMENTS ON THE SALE OF MUSIO-O-TUNYA INTERCONTINENTAL HOTEL

Mr. Hakainde Hichilema was the Chairperson of the negotiating team assisted by Coopers &Lybrand and Enzo Rossi.

The lawyer for the transaction was Mr. Willie Mubanga of Permanent Chambers.

Value of the Asset was $26million and comprised Musio-O-Tunya Intercontinental Hotel, Rainbow Lodge, and the National Park.

BIDDERS

The bid was publicly opened on 24th July 1997.

1.Stocks and Stocks Zambia Ltd owned by Stocks and Stocks of South Africa- $10million

  1. Sun International of South Africa -$5.65million.
  2. Victoria Falls Travel Bureau – $20million
  3. Marassa Holdings of Uganda- $9.4 million
  4. Twiga Chemicals of Kenya- $6million.

WINNERS

Sun International Zambia Ltd(with local Directors, Sunny Hichilema and Senior Sikola Mukuni) owned by Sun International South Africa won the bid.

A cash consideration of $6.5 million was paid for the assets comprising Musio-O-Tunya Hotel, Rainbow Lodge and the National Heritage Park.

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