Tsogo Sun to pick up additional stake in Hospitality Property Fund
Tsogo Sun Hotels says the two companies are ‘substantially similar’ and have ‘in principle the same economic drivers’
20 July 2020 - 11:35
Tsogo Sun Hotels intends to pick up an additional 7.98% stake in subsidiary Hospitality Property Fund through a share swap, citing its current significant discount to net asset value per share.
Tsogo intends to acquire about 46.1-million Hospitality shares from various fund managers, worth about R124m on Monday morning, by exchanging shares at a rate of 1.77 Tsogo Sun Shares for every Hospitality share...
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