LISTED property concern Dawn has appointed Justin Dowa as the new company chief executive officer (CEO) with effect from this month.
Report by Own Correspondent
The new appointment follows the resignation of Mike Manyika in December last year after nine years of service in the company.
This was after a protracted battle with his counterparts at African Sun Limited over the terms of leases held by Afrisun on Dawn’s hotel properties.
The fight had spilled into the courts, but was later resolved after Afrisun bought a controlling stake in Dawn Properties, putting paid to Dawn’s attempts to evict the hotel chain from its properties.
After the resignation of Manyika, company secretary Nora Tome had been the acting CEO.
Dowa, whose term of office started on June 1 2013, is a former CEO of Mashonaland Holdings, another listed company. He is a chartered surveyor and builder by profession.
Dowa has taken over the property company after it posted a profit growth of $7,3 million, up from $968 000 in the full-year ended September last year driven by the disposal of non-performing non-core entities. Revenue for the group’s hotel portfolio grew by 8% to $1,3 million during the period under review amid expectations that the top line will maintain an upward trend.
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Dawn Properties Limited’s core business is that of an investment company, primarily with properties in the tourism sector.
The company has a diverse portfolio of hotel properties with a combined room capacity in excess of 1 070 in the major cities and resort areas of Zimbabwe.
