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Cambria to sell Leopard Rock

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Zimbabwe-focused investment company Cambria Africa is prepared to offload its hotel property, Leopard Rock, which is located in Vumba in the Eastern highlands of the country. According to an e-mail statement the company said it was prepared to sell the hotel if it gets the right offer. “We are an investment company and at all times we have the obligation to sell if an attractive offer is put before us for any of our investments, provided it comes from a responsible party.

“At the same time, we similarly are obliged to pursue all potential investment opportunities where there is an opportunity to enter at an attractive valuation, provided an appropriate long-term risk reward trade-off can be achieved,” the company said.

Cambria purchased the Leopard Rock Hotel for $8,5m in April 2009, after which it also acquired the well-known “Castle at Leopard Rock”, which is located adjacent to the Leopard Rock Hotel, for €550,000 in March 2012.
It later carried out renovation during 2011, which returned the hotel to its former glory.

The Hotel boasts of 1, 850 hectares of pristine Afro-Montane forest, including some extremely rare flora and fauna, a watershed, and unparalleled views, including vistas deep into Mozambique.

The four-star property has 58 rooms and suites, a game park, a casino and an award-winning championship golf course which was chosen by CNN amongst the Top 10 Best Courses in Africa during 2013.

According to the latest report by United Kingdom-based independent research company GECR, Cambria was keen to offload non-core assets including the hotel to raise additional funds it requires for the expansion of its other subsidiaries Millchem and Payserv as well as working capital.

“Cambria has announced that it requires funding for the expansion of Millchem and Payserv as well as for the group’s working capital, and we expect that this additional funding should come from the sale of its non-core assets, including the Leopard Hotel and certain industrial properties, as well as settlement of its aircraft dispute, and the raising of additional equity and/or debt capital,” GECR said.

Millchem and Payserv are Cambria’s two core investments.
Payserv Africa is an established payments processing and business process outsourcing business, predominantly operating in Zimbabwe, but expanding into the surrounding Southern and Eastern Africa region.

It offers electronic payment and fund transfer services, payroll outsourcing and loan management systems, enabling Payserv’s customers to outsource these functions so they can focus on their core operating activities.

Millchem has established a meaningful leading position as a value-added chemicals distributor in Zimbabwe, while rapidly increasing its presence in Zambia and Malawi.

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