Picture: ISTOCK
Picture: ISTOCK

On Friday, Cullinan’s share price was unmoved, at R1.18, by The Travel Corporation’s offer of R1.30 a share to buy the 2% of the company it does not already own.

The offer was made via The Travel Corporation’s wholly owned subsidiary, Alpine Asset Management.

Cullinan issued a cautionary announcement on September 22 saying The Travel Corporation was considering buying out minority shareholders at R1.30 a share, which was the highest price Alpine had paid in the preceding three months to build up its stake.

In its interim results released in June, Cullinan reported that revenue grew 12% to R526m and pre-tax profit 13% to R73m for the six months to end-March.

"The group is a member of The TreadRight Foundation, established by The Travel Corporation to assist in achieving sustainable tourism. [It] is a non-profit foundation, which aims to encourage sustainable tourism through conservation, leadership and support for communities," Cullinan said in its interim results.

"It has undertaken more than 40 projects globally, including projects focused on preventing the destruction of endangered species, such as rhino, sharks and lions. The foundation also supports a number of community projects among its various other projects."

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