Sun International plans to sell portion of its interests to Minor International for R664m

Posted On Monday, 18 August 2014 17:21 Published by
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Sun International plans to sell a portion of its interests in its African assets to a foreign subsidiary of Thailand-listed Minor International Public Co for R664m.

Graeme Stephens

The gaming and leisure giant said on Monday the proposed deal was in line with its strategy to optimise its capital allocation and resources.

"The proposed transaction enables Sun International to remain invested in the African assets but with responsibility for the casino component only‚ as well as to partner with Mint in other African opportunities that have a casino element‚" Sun International said.

Mint is a global company focused on three primary businesses including hotels‚ restaurants and lifestyle brands distribution.

The proceeds from the proposed transaction will be used to reduce group debt and provide capacity for the expansion initiatives of Sun International.

Sun International will remain as a minority shareholder and partner in the African assets‚ other than in Zambia where it retains a 50% interest.

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