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Home Lifestyle Tourism

Sun International Shares Upsurge After Selling Majority Stake to Sun Dreams

With the falling-out on one side, Sun International reaches a new agreement while bracing itself with the chaotic proceedings

The Global Economics by The Global Economics
August 25, 2020
in Tourism, Real Estate, Top Stories
Reading Time: 2 mins read
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Sun International Shares Upsurge After Selling Majority Stake to Sun Dreams

Sun International Shares Upsurge After Selling Majority Stake to Sun Dreams

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Sun International, a leading resort hotel chain and casino destination from South Africa, marked an upsurge of over 9% in its share price on Friday after the company agreed to sell 64% of its majority stake in LaTam operations Sun Dreams for US$160 million along with settling the falling-out with its partner- Nueva Inversiones Pacifico Sur.

Last year, Sun International’s subsidiary- Sun Latam agreed on a share purchase with Pacifico for Sun Latam’s shareholding in Sun Dreams- around 14.9% of the shares for a value of US$85.8 million. This negotiation resulted in each partner with 50% equity interest in Sun Dreams.

However, as both the parties had a fall-out over the initial transaction, Sun Latam instigated arbitration proceedings against Pacifico, and took the matter to International Chamber of Commerce, Chile to make peace with the dispute.

A new agreement was announced on Friday where the share price of Sun International rose to R12.46 a share. Additionally, the stock lost around 41.6% since the inception of 2020 with the coronavirus pandemic crippling the hotel and tourism industry.

In response to the pandemic, Sun International had announced an R1.2bn (US$70.79m) rights offer in June.

According to a statement made by the company on Friday, the proceeds from the settlement payment will be utilized in modeling and settlement of Sun International’s offshore debt of $38.3 million in Latam.

The Global Economics

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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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