Tsogo to buy stake in SunWest and Worcester for R2.185m
Tsogo Sun Holdings says it‚ along with Grand Parade Investments and Sun International‚ entered into transaction agreements in terms of which Tsogo will buy a 40% equity interest in SunWest International and Worcester Casino for R2.185m.
Golden Valley Casino in Worcester. Image: Sun International
Tsogo said the proposed transaction represented an attractive investment opportunity that would provide it with an interest in quality casino assets in an area where it had limited exposure.
"The proposed transaction is consistent with Tsogo's growth strategy of allocating capital to attractive opportunities in the hotel and gaming sector," the company said.
It said that Tsogo will be a minority shareholder in SunWest and Worcester and will not have any operational responsibilities.
"All operations of SunWest and Worcester will continue to be managed by Sun International Management Limited‚ a subsidiary of Sun International‚ under its existing management contracts‚" the company said.