By Correspondent
Ken Sharpe is seeking full control of Sunshine Holdings after his company West Properties submitted a buy-out proposal to Council.
Sunshine Holdings is an investment arm for Harare City Council.
The resolution, contained in Council’s Business Committee minutes, is now awaiting Council’s determination.
“A proposal to buy out City of Harare’s 30% share in the company was tabled by the partner.
“The City was asked to consider the proposal and reverse with a position in 30 days to enable drawing of a proposal with figures.
However, a detailed report on the proposal is yet to be submitted.
WestProp, formerly West Property Company, was founded in 2007 by Sharpe as a publicly traded property development company.
It currently owns 70% shares while Harare Council retains the remaining 30%.
The responsible Council Committee has since had a brief meeting in the matter assessing the projects under Sunshine Holdings.
They include Mbudzi People’s Market, Mukuvisi mixed use Development and Warren Park Golf Course.
Questionable Moves
Last month council officials met with a delegation from Augur Investments led by Sharpe.
The company has already listed its 70% shareholding on the Victoria Falls Stock Exchange (VFSX).
The move drew some questions from Council but Augur defended the move as being harmless to the shareholding structure.
“The meeting was advised that the listing did not affect the shareholding structure of the company.
“It was only a movement of shares from Alpha Holdings to West Properties Holding.
Unlike before, the shareholder in Sunshine Development is now West Properties Holdings and not Alpha Holdings.
Both entities belong to Sharpe’s Augur Investments.
