JOHANNESBURG – South Africa’s Trematon Capital Investments said on Monday it will dispose of its 29.64% stake in West Coast Leisure Proprietary to Tsogo Sun for R190 million ($13 million).
The company said it will use the money to grow current business operations as well as retain cash reserves to enable it to take advantage of any investment opportunities that may arise in the near future.
The sale would be done through Trematon’s wholly owned subsidiary Club Mykonos Langebaan Proprietary Limited, which will dispose 29 640 ordinary shares.
West Coast Leisure holds the West Coast casino license operated by Tsogo at the Mykonos Casino.
“The casino has proven to be an excellent investment for the group but it is not managed by Trematon and, as such, is a passive investment in which the group has limited opportunities to add significant value and realised returns are mainly in the form of dividends,” Trematon said. ($1 = R14.4690)