Liberty Holdings: Tsogo Sun buys more of hotel venture

Liberty Holdings was selling part of its Cullinan joint venture to its partner, Tsogo Sun, for R762 million to fund other property acquisitions, the insurer said yesterday. Liberty’s stake in the Cullinan Hotel venture will be lowered by 10 percentage points to 40 percent, while hotel and gaming firm Tsogo Sun’s holding will rise to 60 percent. Tsogo Sun said it would sell some hotel assets to Cullinan. Liberty shares fell 0.34 percent to R124.01 yesterday. Tsogo Sun shares climbed 0.88 percent to close at R25.32. – Reuters