The share started the day at R20.31 and tumbled to a close of R16.51, with a market cap of R17.52billion as Tsogo Sun Hotels (THL) made its debut on the bourse yesterday at R2.70 a share.
THL’s shares rallied to close at R4, valuing the company at R4.2bn.
Tsogo Sun Hotel chief executive Marcel von Aulock said yesterday: “Today’s listing represents an exciting new era for all of our stakeholders - from shareholders to employees - and we look forward to continuing to serve our guests with the dedication and excellence that they have come to expect from a company such as ours.”
The listing date was also significant, as it coincided with the group’s 50th anniversary. Tsogo Sun Holdings in March resolved to split its gaming and hotel divisions.