"Due to the high levels of competition within the travel and leisure sector in which The Don operates‚ resulting from the recent entry of numerous new hotels‚ as well as the expansion of existing hotels in South Africa‚ profit margins are being negatively impacted and the situation is becoming increasingly unsustainable for the company in the long-term.
"Accordingly‚ the Board has decided to apply the proceeds from the disposals to reduce interest-bearing long-term debt and to subsequently move away from owning and operating hotels and to exit the travel and leisure sector‚" the group said.
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