Tsogo Sun down after SABMiller moves to sell

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JSEPic INLSA The JSE board in Sandton in Johannesburg. Photo: Leon Nicholas.

Johannesburg - Shares of Tsogo Sun Holdings tumble 7 percent to 25 rand after SABMiller says it will sell its 40 percent stake in the South African hotel and gaming group for around $1 billion.

SABMiller says it plans to dispose of up to all of its holding through a placing of up to 305 million shares to South African and international institutional investors, and a buyback by Tsogo Sun of at least 130 million shares for about $260 million. - Reuters

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