The reception area of the Johannesburg Stock Exchange. File picture: 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