Consumer Industries Editor
CAPE TOWN Owners of casino and hotels operator Global Resorts were talking to parties that had indicated an interest in buying the group, RMB Holdings chief operating officer Peter Cooper said yesterday.
Main shareholders are RMB Holdings, Aquila Growth, Genbel Securities and management.
In December, Global Resorts' owners said agreement was reached to sell the group for R1bn to an empowerment consortium headed by Mzi Khumalo's Metallon Corporation, which included Global management.
In May, Global Resorts' shareholders said the deal was off as certain conditions precedent to the agreement were not met.
The problem was evidently that to secure the necessary funding the consortium had to control 100% of the Global Resorts group, but a minority shareholder in Caesars Gauteng, Park Place Entertainment of Las Vegas, was willing to sell only on terms unfavourable to the consortium.
Global Resorts assets include Caesars Gauteng Casino, the Graceland near Secunda and the Grand Palm in Botswana.
Aug 21 2003 07:49:35:000AM Charlotte Mathews Business Day 1st Edition
Publisher: Business Day
Source: Business Day
Fresh talks on Global Resorts sale.
Posted On Thursday, 21 August 2003 02:00 Published by eProperty News
CAPE TOWN Owners of casino and hotels operator Global Resorts were talking to parties that had indicated an interest in buying the group, RMB Holdings chief operating officer Peter Cooper said yesterday.
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