Operator News

South Africa – Tsogo Sun cancels sale of seven casino hotels

Shareholders in South African casino operator Tsogo Sun have opposed plans to sell seven casinos and hotels to the Hospitality Property Fund for $1.72 bn.

Tsogo stated: “At the reconvened General Meeting held November 12, shareholders were advised that following engagement with certain Tsogo investors it had become apparent that the Transaction and the Unbundling did not enjoy the support of sufficient shareholders for their implementation. Accordingly, the Tsogo board of directors had withdrawn the resolutions that were to have been considered at the reconvened General Meeting and the Sale of Shares and Subscription Agreement was terminated by agreement between Tsogo, Hospitality and the remaining parties to that agreement. As such, no resolutions were proposed for consideration at the reconvened General Meeting and the meeting terminated.”