Sun International launched a deeply discounted R1.2bn rights offer on Tuesday, a major part of the hotel and casino operator’s plan to survive the Covid-19 economic contagion and fend off an unsolicited offer from its Chilean partner.  

The owner of  Sun City resort in the North West province, plans to sell just more than 127-million shares at R9.44 each, a 34% discount to the company’s closing price on Monday and 25% below the theoretical ex-rights price, or the projected price of the shares after issuing the new shares...

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