Casino and hotel group Sun International on Thursday announced the sale of most of its stake in the Tourist Company of Nigeria (TCN) as the JSE-listed leisure group winds down its investment in the West African country.

Rutam Finance will pay $1.875m for Sun International’s 43.3% shareholding in TCN, which trades as Federal Palace Hotel in the commercial capital, Lagos, and a further $12.675m for all of a loan account held with TCN, according to a statement published on Sens...

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