Hotels group Queensgate Hotels plans to buy Queensgate Business Development (Pty) Ltd from Queensgate Holdings (Pty) Limited for R75 million, it said on Thursday.

The amount will be settled via the issue of 375 million shares at 20 cents each.

The effective date of the acquisition is October 31 2008.

The seller, Queensgate Holdings, is the controlling shareholder in Queensgate.

Source: I-Net Bridge