TIISETSO MOTSOENENG: Libyan hotel raid is a bad deal for SA
Libya’s sovereign wealth fund wants to buy out a top SA hotel group (https://www.businesslive.co.za/bd/companies/property/2024-02-08-libyan-sovereign-wealth-fund-launches-hostile-takeover-of-legacy-hotels/). The deal would be a loss for the country, which needs to protect its strategic assets from shady foreign predators. Regulators and the business sector should not stand by and watch as a foreign entity with dubious credentials tries to snatch Legacy Hotels, a prized SA asset that owns The Leonardo and other prestigious properties.
Ensemble Hotel Holdings, which is owned by the Libya Investment Authority, has approached the high court to order a private auction where it will bid for the shares of SA hotelier Bart Dorrestein and his associates in Legacy Hotels. Dorrestein and his partners are resisting the move and seeking to buy out Ensemble’s shares instead...
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