- August 2, 2010
- Posted by: admin
- Category: Tsogo Sun Holdings
NAFHOLD, the investment investment arm of the National Federated Chamber of Commerce and Industry (Nafeoc) will dispose of R1.5 billion worth of shares in Tsogo Sun.
NAFCOC secretary-general Gilbert Mosena said the decision was taken by shareholders in March.
“Nafhold will dispose of R1 .5bn of shares in (hote! and casino owner) Tsogo Sun to Tsogo Investment Holdings in a buy-back scheme.”Mosena added. A percentage of the shares will be kept as preferential shares within Tsogo Sun. ensuring Nafcoc continues to receive dividends for the next seven years.
Mosena said qualifying Nafcoc members would receive cash payouts for the value of their Shares.
R5 million would be used to establish the JK Hlongwane bursary fund to develop entrepreneurship and the rest would be used to revive township and rural business and provide loans in various sectors, he added.
Source: Daily Despatch – SAPA