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27
December 2008
Century
Casinos Sells South African
Casino Properties
Century
Casinos
have announced that its
subsidiary Century Resorts
Limited has entered into an
agreement to sell all of the
outstanding shares of Century
Casinos Africa
Limited.
The
total selling price is based on
an enterprise value of ZAR 460
million (approximately $48
million), which is estimated to
result in net proceeds of
approximately ZAR 357 million
(approximately $37 million), and
is payable on the closing date.
The purchase price has been
guaranteed by the purchaser's
parent.
CCA
owns and operates The Caledon
Hotel, Spa & Casino near Cape
Town, South Africa, as well as
60% of, and provides technical
casino services to, Century
Casino Newcastle, in Newcastle,
South Africa. CCA has reported an
average annual consolidated
EBITDA of ZAR 54 million over the
last three years and generated
32% of the Company's total annual
net operating revenue.
The
purchaser is Tsogo Sun Gaming
(Pty) Limited, a wholly owned
subsidiary of Tsogo Sun Holdings
(Pty) Limited, which is a
subsidiary of Hosken Consolidated
Investments Limited (HCI), listed
on the Johannesburg Stock
Exchange, and SAB Miller, listed
on the London Stock Exchange.
Tsogo Sun Gaming is a prominent
casino and hotel resort owner and
operator in Southern Africa with
five casinos and a portfolio of
82 hotels in eight
countries.
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