Fri, 13 Dec 2019

Tsogo Sun plans hotel listing on June 12

23 May 2019, 22:13 GMT+10

Tsogo Sun, which is in the process of unbundling its hotel interests, has announced that it intends to list the holding company - THL - on June 12.

The date is subject to change, it said in a notice to shareholders issued on Thursday.

Previously the gaming, hotel and entertainment company said the unbundling would separate the hotel division from its casino division and "unlock value" for its shareholders.

"In terms of the unbundling, Tsogo Sun will distribute its entire holding of THL Shares to its shareholders as a distribution in specie in the ratio of one THL Share for every Tsogo Sun Share held on the Unbundling Record Date, being 14 June 2019," the notice read.

Following the unbundling, Tsogo Sun will be comprised of its gaming division - casino and alternative gaming operations. The plan is to change the name of Tsogo Sun to Tsogo Sun Gaming, Fin24 previously reported.

The hotel part of casino complexes will be owned by the group and remain Tsogo Sun, it will be operated under a management agreement by THL, the group previously explained.

Tsogo Sun to restructure hotel interests

THL will own, manage and lease hotels in SA and sub-Saharan Africa countries and the Seychelles and Abu Dhabi. THL will hold the group's 59.2% stake in the Hospitality Property Fund Limited. It will also take over the minority investment in RBH Hospitality Management and International Hotel Properties, based in the United Kingdom.

THL's portfolio consists of 110 hotels, 98 of these are internally managed and 12 properties owned by HPF are leased to and operated by third party operators outside of the group, the notice read.

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