| Mon 22 Dec 2008, 17:30 | | HCI - Hosken Consolidated Investments Limited - Acquisition of the |
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HCI
HCI
HCI - Hosken Consolidated Investments Limited - Acquisition of the
Caledon Casino, Hotel and Spa and Century Casino Newcastle by HCI`s
38% held subsidiary, Tsogo Sun Gaming (Pty) Ltd ("Transaction")
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI ISIN: ZAE000003257)
Acquisition of the Caledon Casino, Hotel and Spa and Century Casino
Newcastle by HCI`s 38% held subsidiary, Tsogo Sun Gaming (Pty) Ltd
("transaction")
Shareholders of HCI are advised that Tsogo Sun Gaming (Pty)
Limited, a wholly owned subsidiary of Tsogo Sun Holdings (Pty)
Limited ("Tsogo Sun" or "the Group"), in which HCI has an effective
38% interest, has reached agreements with Century Resorts Limited
and Winlen Casino Operators (Pty) Limited, for the acquisition of
two South African operations, namely 100% of the Caledon Casino,
Hotel, Spa in the Western Cape and 100% of the Century Casino
Newcastle in KwaZulu-Natal, for a total purchase consideration of
R490 million including the assumption of existing debt in the
operations. The transactions will be funded from existing Tsogo Sun
Group resources and are subject to conditions precedent including
approval of the various Gaming and Competition authorities and the
South African Reserve Bank.
The inclusion of these operations in the Tsogo Sun portfolio will
provide additional geographic diversity and representation in
casino and hotel operations for the Group in markets not currently
serviced by the existing Tsogo Sun Gaming and Southern Sun Hotel
businesses. On conclusion of the transaction Tsogo Sun will own and
operate seven casinos directly and have a financial interest in an
additional seven casino operations via the recently announced
acquisition of a 20% stake in Gold Reef Resorts, and a portfolio of
84 hotels in 8 countries, with an additional three hotels under
construction.
Further announcements will be made in due course on the progress of
the regulatory approvals.
22nd December 2008
Cape Town
Sponsor
Investec Bank Limited
Date: 22/12/2008 17:30:20 Produced by the JSE SENS Department.
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