Today's Labour News

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sactwuBusinessLive reports that empowerment conglomerate Hosken Consolidated Investments (HCI), which has investments ranging from media to mining, is consolidating its holding in gaming and leisure group Tsogo Sun.  

HCI will take over the holding of the Southern African Clothing and Textile Workers’ Union (Sactwu) in a deal that will see it take control of a further 18-million shares for R408m.  The move further increases its hold over a group in which it already held 51.18% of its shares.  Tsogo Sun has holdings in gaming, hotel and entertainment assets, operates in eight countries and has a portfolio of 110 hotels comprising 18,752 hotel rooms.  “The acquisition represents an opportunity for HCI to meaningfully increase its interest in Tsogo Sun at an attractive price,” HCI indicated.  Tsogo Sun has lost a third of its value over the past two years but has seen a 21% increase in revenue to R7.7bn, and a 14% rise in earnings.  The increase in earnings came after a difficult period for the hospitality industry.  Despite this, PwC’s hotels outlook for 2018–2022 noted that the sector was well positioned for growth.

  • Read Larry Claasen’s full report on this story at BusinessLive

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