Sun International adapts partnership deal

Johannesburg - Sun International [JSE:SUI] informed shareholders in a Sens statement issued on Monday that all conditions precedent to its disposing of a significant portion of its interests in the African assets to Minor International Public Company Limited (Mint) have now been fulfilled, save for certain of the regulatory conditions to the Namibia component of the Transaction, which is taking longer than expected.

Sun International announced its proposed partnership with a strategic international hotel operator in its African assets in a statement issued on August 18. The African assets include assets in Botswana, Lesotho, Namibia, Swaziliand and Zambia.

Shareholders were originally advised that the agreements to give effect to the transaction were inter-conditional as the African Assets were being sold as a "portfolio".

The parties have also decided to delay implementation of the Swaziland component of the transaction. The original terms have now been amended to allow the transaction to be implemented without the Swaziland component of the transaction and without that portion of the Namibia-component of the transaction which remains subject to regulatory approval.

The revised terms ensure that Sun International and Mint are able to execute earlier on their strategic rationale for the transaction, while the parties continue to work towards completing the Namibia and Swaziland components of the transaction within a reasonable time period.

As a result of the revised terms, the transaction has become unconditional and will now be implemented in so far as it does not relate to Swaziland and the excluded portion of the Namibia component of the transaction.

A further announcement will be released by Sun International to inform shareholders once the balance of the transaction is to be implemented.

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