Hosken Consolidated Investment (HCI has successfully increased its stake in casino and hotel operators, Tsogo Sun to more than 50 percent, giving it an outright majority vote in the group’s affairs.
The investment holding company will now control a total of 51.18 percent of the entertainment firm after increasing its existing stake by 7.75 percent.
The announcement of the deal saw Tsogo Sun’s share price hit an eight-month high on the Johannesburg Stock Exchange in anticipation of the perceived streamlining of decision making at the group.
HCI already held a majority stake in the company and a significant presence on the group’s board of directors. The latest investment sees this influence remain at board level whilst bolstering its holding power, seemingly removing the greatest chance of opposition over any further developments within the group, thus increasing its reactionary ability as a group.