Brewer SABMiller to divest US$1.1b stake
Sale of hotel-casino comes as firm aims to beef up Africa beverage operations
[LONDON] SABMiller plc said it will sell a US$1.09 billion stake in South African hotel and casino operator Tsogo Sun Holdings Ltd as the world's second-biggest brewer looks to bolster beverage operations in Africa.
Following a review of its 39.6 per cent holding in the Johannesburg-based company, SABMiller will divest the stake in a two-stage transaction involving a sale to institutional investors and a buyback of shares by Tsogo Sun, the maker of Peroni and Castle Lite said yesterday in a statement.
The beverage maker generates almost one-third of its earnings from the African continent, and South Africa is the second-biggest provider of the company's revenue after Latin America.
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