Sun International Negotiating A Potential Acquisition
Dec 03, 2023
Sun International Limited, the group that manages some of South Africa’s most luxurious hotel destinations such as Sun City, is in talks over a potential acquisition. They have only recently revealed this information to the public and as such, very little is currently known about the proposed deal.
We are still unsure as to the identity of the other party involved as that information has yet to be disclosed but the talks are still in progress. It’s understandable why there is so much silence around this potential merger as the Group has stated that there is no guarantee that the deal will go ahead.
Should it manage to go ahead, however, they have stated that it might have a tangible impact on its securities. Due to this lingering outcome, the Group has advised shareholders to exercise caution when dealing in its securities until more information is disclosed at a later date.
The First Half Of 2023 See Profits Increase
The news of this potential merger was announced after Sun International disclosed its first-half results. Shares in the Group dropped somewhat following the news that an acquisition discussion was being held. Since that initial drop, the share price has begun to rebound.
Some of the highlights for this first half include urban casino income was up by 4.2% to an incredible R3.27 billion. The resorts side of the Group saw income increasing by 26.9%, totalling R1.42 billion. What this all leads to is an increase of 11.6% in profits totalling a staggering R5.78 billion.
While very little is still known about the specifics of these talks, be rest assured that as soon as more information is revealed, we’ll have it covered.
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