Reading Time: < 1 minute
Tsogo Sun has called off its planned sale of seven casino and hotel businesses to Hospitality Property Fund due to a lack of support from shareholders, the South African company said on Monday.
“The sale of shares and subscription agreement has been terminated by agreement between Tsogo, Hospitality and the remaining parties to that agreement,” Tsogo said in a statement.
Hospitality said in July it would acquire the businesses in a shares and subscription agreement worth 23 billion rand ($1.72 billion).
Tsogo said at the time the sale was part of plans to split into three separately listed divisions focused on property, gaming and hotel management.
