BEE Group buys 6,5% of SunWest stake
17. Oct, 2007
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Johannesburg – Sun International, South Africa’s biggest casino and hotel operator, said on Monday it had sold 6.5 percent in its SunWest unit to a black economic empowerment (BEE) firm for 231 million rand.The BEE group, Grand Parade Investments (GPI), would also have an option to subscribe for a further 5 percent of SunWest by June 2010, Sun International said in a statement.
Sun International — which owns the Sun City casino resort — said the transactions would reduce its effective interest in SunWest to 58.3 percent and increase GPI’s shareholding to 29.8 percent.
Sunwest is the operator of GrandWest Casino and Table Bay Hotel in the Western Cape.
“This agreement is an important further step in the transformation of our industry and is demonstrative of our commitment to a new order in the ownership of leisure and tourism sector assets in our country,” Sun International’s chief executive, David Coutts-Trotter, said.
Get the entire story on – Reuters
My name is Muzi Mohale a full-time travel blogger, your host at Travelwires.com responsible for all editorial on this blog. I blog about the travel and tourism industry in Africa. Apart from blogging about tourism, I also run 
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