SABMiller is set to merge its South African hotels and gaming associate, Tsogo Sun, with Gold Reef Resorts in the country.
The brewer confirmed yesterday (18 February) that Gold Reef will acquire Tsogo Sun, which SABMiller holds a 49% stake in, in return for a 39.7% holding in the new entity, which will go to SABMiller. Hosken Consolidated Investments is the indirect owner of the remaining 51%.
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The transaction will benefit SABMiller through the “diversification of the enlarged group’s earnings, geographies and market segments through exposure to a more diversified portfolio of assets and income streams”, the company said.
“In 2002, we facilitated a landmark Black Economic Empowerment transaction by transferring our existing gaming and hotel assets into Tsogo Sun,” said Graham Mackay, SABMiller’s chief executive.
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