Sun International ups stake in Sun Dreams by 19.3%

Sun International

South Africa’s hotel and gaming group, Sun International said it will buy 19.3% stake more in Sun Dreams.

Sun International said it is buying the stake from Chile’s Entretenimientos Del Sur Limitada (EDS).

As part of the deal, Sun Latam will pay $63 million for its half of the stake, Sun International said, raising its holding in Sun Dreams to almost 65 percent. Pacifico’s stake will rise to 35 percent.

Sun Dreams was created last year when Sun International merged its Latin American business with Chile’s Dreams S.A.

EDS notified Sun International in March that it wished to proceed with a listing of Sun Dreams on the Santiago or New York stock market or sell its shares.

In addition to its African casinos and resorts, Sun International owns and operates casinos and hotels in a number of Latin American countries, including Chile, Panama and Colombia.

Sun International left Nigeria when it opted out of its partnership with Ikeja Hotels PLC, owners of Federal Palace in Lagos.

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