Operator News
Sun International to sell off shares in Federal Palace Hotel and Casino
By Phil - 15 April 2024
South African casino group, Sun International has announced plans to sell off 43 per cent of its shares in Tourist Company of Nigeria, the owners and operators of Federal Palace Hotel and Casino in Lagos, Nigeria.
Sun International owns a 49% shareholding in Federal Palace Hotel and Casino, and is selling 43 per cent of its shares to Rutam Finance Company. Rutam Finance Company is an associate of Oma Investments Limited, another existing shareholder in Tourist Company of Nigeria Plc (TCN).
Lovelyn Aniekwe, TCN’s company secretary, said: “The Board convened an emergency meeting on April 3, 2024, to consider the notice from Sun International Limited and noted the offer. The Board was informed that RFC had made a similar offer to other significant shareholders. The Board was informed and noted that Sun International Limited and other shareholders who are parties to Shareholders Agreements have complied with pre-emption provisions in those agreements. The Board believes the offer from RFC and ongoing arrangements among the shareholders are a golden opportunity to resolve legacy issues and positively impact the Company as a going concern.”
Last year, Federal Palace Hotel cgenerated a loss after tax of N31.67bn, marking an 89.6m per cent fall from its 2022’s net loss of N3.21bn.
