SABMILLER has
disposed of its
shareholding in Tsogo
Sun. This comes further to
its announcement on April
15 that it was conducting
a strategic review of its
39,6% shareholding in the
property group.
“The exit of SABMIller
marks the end of a longstanding
relationship
between the two
companies,” says
Tsogo Sun ceo, Marcel
von Aulock. “We have
committed to support
SABMiller through this
process to ensure the
orderly exit of a material
shareholder.”
Marcel says SABMiller’s
exit presents a unique
opportunity to repurchase
and cancel a significant
number of Tsogo Sun
shares on terms that
are expected to have
a positive impact on
Tsogo Sun’s earnings
per share and black
economic empowerment
shareholding.
Tsogo Sun’s repurchase
will result in its acquiring
in excess of 5% of its
ordinary shares, therefore
the repurchase will
require the approval of
shareholders in a general
meeting, the results of
which will be released on
August 5
