Tsogo Sun operates more than 90 luxury hotels in seven African countries including Nigeria and the Seychelles. Its interests include Montecasino, a hotel, theatre and casino complex in Johannesburg designed to resemble a weathered Tuscan village.
In April, the world’s second-largest brewer by sales announced it was reviewing its strategic options for its shareholding in the South African company, one of its few non-core assets. It had signalled its desire to exit the business as early as 2010.
Alan Clark, SABMiller chief executive, said on Monday that the proceeds from the sale would be reinvested in “core growth business, including our African operations”.
“Gaming and hotels are not core to our operations, and we have concluded that the time is right for us to exit our investment through a transaction which is beneficial to shareholders of both SABMiller and Tsogo Sun,” he said in statement.
The brewer announced in May that it would merge its South African business with its wider African operations in an effort to exert greater central control over a company that has more than 200 beer brands and 70,000 employees across more than 75 countries.
SABMiller shares slipped 0.4 per cent to £33.383, while Johannesburg-listed Tsogo Sun fell 7.1 per cent to R5,000.
Tsogo Sun operates more than 90 luxury hotels in seven African countries including Nigeria and the Seychelles. Its interests include Montecasino, a hotel, theatre and casino complex in Johannesburg designed to resemble a weathered Tuscan village.
In April, the world’s second-largest brewer by sales announced it was reviewing its strategic options for its shareholding in the South African company, one of its few non-core assets. It had signalled its desire to exit the business as early as 2010.
Alan Clark, SABMiller chief executive, said on Monday that the proceeds from the sale would be reinvested in “core growth business, including our African operations”.
“Gaming and hotels are not core to our operations, and we have concluded that the time is right for us to exit our investment through a transaction which is beneficial to shareholders of both SABMiller and Tsogo Sun,” he said in statement.
The brewer announced in May that it would merge its South African business with its wider African operations in an effort to exert greater central control over a company that has more than 200 beer brands and 70,000 employees across more than 75 countries.
SABMiller shares slipped 0.4 per cent to £33.383, while Johannesburg-listed Tsogo Sun fell 7.1 per cent to R5,000.