SOUTHERN SUN LIMITED - Sale of Shares Agreement between Southern Sun Africa and Kasada Albatross Holding

Sale of Shares Agreement between Southern Sun Africa and Kasada Albatross Holding

Southern Sun Limited
(formerly Tsogo Sun Hotels Limited)
Incorporated in the Republic of South Africa
Registration number 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
(“Southern Sun” or “the group” or “the company”)



SALE OF SHARES AGREEMENT BETWEEN SOUTHERN SUN AFRICA AND KASADA ALBATROSS HOLDING

Shareholders are referred to the announcements released by the company on 26 May 2022 and 24 November 2022
in which updates were provided on the group’s progress in relation to the proposed sale by Southern Sun Africa
(“SSA”) of all of its shares (the “Sale Shares”) in its wholly owned subsidiary, SS Ikoyi Holdings (“SSIH”) together with
all shareholder loan claims (the “Sale Claims”) against Ikoyi Hotels Limited (“IHL”) to Kasada Albatross Holding, which
subsequently assigned its rights and obligations to Condor Los, a company incorporated in Mauritius (the
“Purchaser”) (collectively, the “Disposal”). SSIH holds the company’s entire interest in IHL, comprising 75.55% of the
issued shares of IHL. IHL owns the 181-bedroom Southern Sun Ikoyi hotel located at No. 47 Alfred Rewane Road,
Ikoyi, Lagos, Nigeria.

Southern Sun is pleased to advise shareholders that all conditions precent to the Disposal have been fulfilled and/or
waived. The effective date of the Disposal is 1 December 2022 and the Disposal Consideration (as such term is
defined in the company’s announcement dated 26 May 2022) was received by SSA on 12 December 2022.

Fourways

14 December 2022

Sponsor: Investec Bank Limited

Legal advisor: White & Case Inc

Date: 14-12-2022 11:14:00
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