Sun International To Buy Shares In Grand Parade

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Gaming and resort giant, Sun International (SI), is poised to acquire a significant shareholding in a gaming unit of Grand Parade Investments (GPI), an investment holding firm that’s active in South Africa’s tourism sector, it emerged on Friday.

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Sun International said talks are on-going between the two parties, warning investors to tread carefully when trading its shares on the JSE, Africa’s biggest bourse.

Sun International recently appointed Stuart Wing as COO. Wing has a wide-ranging experience in gaming sectors in New Zealand and Australia. This latest move could be a consequence of his appointment, indicating the firm could want to be more active in the gaming sector.

Business activities seem to be up side at the firm which once employed the world-famous Sol Kezner of the Sun City and Lost City fame.

Recently, Sun International said a consultative process aimed at restructuring the company’s South African operations was underway and about “1700 positions could be affected” if the process was to go ahead.

Sun International, which also has operations in Namibia, Zambia and Nigeria, said it had undertaken a complete review of its South African businesses, paying more attention on efficiency, productivity, revenues and profit improvement.

“The review process has identified opportunities to achieve these objectives and establish a stronger cash flow for the continued success of the company in the medium to long term,” it said at the time.

*Ventures Africa

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