The closing of the transaction is subject to certain conditions

Century Casinos sells South African casino properties

(South Africa).- Century Casinos announced that its subsidiary Century Resorts Limited has entered into an agreement to sell all of the outstanding shares of Century Casinos Africa (Pty) Limited (CCA).
2008-12-28
Reading time 51 seg

The total selling price is based on an enterprise value of us$ 48 million, which is estimated to result in net proceeds of approximately us$ 37 million, and is payable on the closing date. The purchase price has been guaranteed by the purchaser’s parent.

CCA owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa.

CCA has reported an average annual consolidated EBITDA of ZAR 54 million over the last three years and generated 32% of the Company’s total annual net operating revenue. The purchaser is Tsogo Sun Gaming (Pty) Limited, a wholly owned subsidiary of Tsogo Sun Holdings (Pty) Limited, which is a subsidiary of Hosken Consolidated Investments Limited (HCI), listed on the Johannesburg Stock Exchange, and SAB Miller, listed on the London Stock Exchange.

Tsogo Sun Gaming is a prominent casino and hotel resort owner and operator in Southern Africa with five casinos and a portfolio of 82 hotels in eight countries. The closing of the transaction is subject to certain conditions including, but not limited to, regulatory approvals, and is expected to be completed in the first half of 2009. The agreement also includes customary warranties, indemnifications and representations.

Related topics:
Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Terms of use and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR