Sun International to lend a hand to Mbizana Develo
Sun International to lend a hand to Mbizana Development Trust
--------------------------------------------------------------------------------
CAPE TOWN Sun International said yesterday it would be opening its new casino, hotel, conference and dining complex, the R727m Sibiya Casino and Entertainment Kingdom near Durban, on November 19.
The group, which has stakes in several other casino and hotel developments, such as Sun City in Gauteng and GrandWest near Cape Town, also announced at the weekend that it would be helping to finance the Mbizana Development Trust to buy a stake in Transun, which owns the Wild Coast Sun on the south coast.
Sun International will sell a 30% stake in Transun to the Mbizana trust for R25,5m by way of a special purpose vehicle. The trust will also participate in management fees.
Sun International CE Peter Bacon said the agreement with the Mbizana Trust followed other empowerment deals by the group in other provinces.
It `would go a long way to further eradicate any notion of privileged exclusivity in the tourism and leisure industry`, he said.
Sun International also has empowerment partners in a number of other ventures, including GrandWest/The Table Bay Hotel, Carnival City and the Bloemfontein Casino, and Sibiya/Sugarmill and Zimbali Lodge.
In the past financial year it helped Grand Parade Investments increase its stake in GrandWest/The Table Bay and it helped Meriteng Investments to increase its stake in the Flamingo Casino near Kimberley.
Sibiya will replace the temporary Sugarmill Casino, which has been operating for more than two years.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
