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GOLD REEF TO MERGE WITH TSOGO SUN

GAMING and hotels group Gold Reef Resorts will merge with SABMiller’s TSOGO Sun unit, creating one of the biggest listed gaming groups in Europe, the Middle East and Africa.
The companies said yesterday the transaction would involve Gold Reef acquiring Tsogo’s entire issued share capital to be funded by the issue of new Gold Reef shares.

SABMiller said it would exchange its 49 percent stake in Tsogo Sun for a 39,7 percent holding in the new group.

Source: Cape Argus