Don Group plans to exit travel sector
The Don Group sold three of its nine hotels for R77,5-million‚ and plans to sell the remaining six once buyers have been secured according to a statement released after the market closed on Wednesday.
"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.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
