Sun International, which owns SA’s Sun City resort, says it will pay R536m to increase its stake in Sibaya Casino in KwaZulu-Natal — a deal that came as a surprise to some in the market.

Sun International said on Monday it would raise its stake in Sibaya from 64.8% to 87.2%. The deal will simplify Sibaya’s shareholder structure and is an opportunity to raise its stake at an attractive valuation, the group said.

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