Tsogo Sun Hotels will sell its stake in United Resorts and Hotels, which has assets in the Seychelles, for R465m.
“The disposal consideration allows the group to achieve this objective and, accordingly, the company believes that it is in the best interest of the group to dispose of the assets at this time,” it said. The carrying value of the investment was R124m at the end of March, according to Tsogo’s latest full-year financial results. The group’s share of United’s profit and management fees after tax for the year ended March was R13m.
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