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BRIEF – TSOGO SUN HOLDINGS RAISES STAKE IN CULLINAN

* Tsogo sun holdings ltd jse: tsh – acquisition by tsogo of an increased stake in cullinan

* Tsogo sun holdings ltd – acquisition by cullinan of various hotel assets from liberty group and southern sun

* Tsogo sun holdings ltd – southern sun will increase its equity interest in cullinan by 10% to 60% by subscribing for additional shares in cullinan for r100 million

* Tsogo sun holdings ltd – liberty group will dispose of liberty hotels and garden court kings beach property to cullinan for an aggregate purchase consideration of r1,270 million

* Tsogo sun holdings ltd – purchase consideration will be funded out of proceeds of cullinan restructure and shareholder loans to be provided by southern sun and liberty group, in proportion to their shareholdings following cullinan restructure

* Investment by Tsogo of a net R762 million

Source: Reuters