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SAB - SABMiller - SABMiller announces the implementation of its hotels and
gaming merger in South Africa
SABMiller
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
18 February 2011
SABMiller announces the implementation of its hotels and gaming merger in South
Africa
SABMiller plc announces that all the conditions precedent relating to the merger
of Tsogo Sun, its South African hotels and gaming associate, with Gold Reef
Resorts Limited, a Johannesburg Stock Exchange listed business with premier
gaming assets in five of South Africa`s provinces, have been fulfilled or waived
(where appropriate). Accordingly, the transaction has become unconditional.
The closing of the transaction is expected to take place on 24 February 2011 and
will be effected through the acquisition by Gold Reef of the entire issued share
capital of Tsogo Sun in exchange for the issue of new shares in Gold Reef.
SABMiller will exchange its 49% interest in Tsogo Sun for a 39.7% interest in
the enlarged Gold Reef/Tsogo Sun business, which will continue to be listed on
the JSE and whose name will be changed to Tsogo Sun Holding Limited
The merger will create the premier gaming and hotel company in South Africa and
will enable Gold Reef and Tsogo shareholders to benefit from the earnings,
geographical and market segment diversification achieved through the exposure
to the respective portfolios of assets and income streams of Gold Reef and
Tsogo. Notwithstanding recent tough trading conditions, these businesses are
well positioned to benefit from anticipated medium term improving economic
conditions and increasing consumer spending across South Africa.
ENDS
Notes to editors:
About SABMiller plc
SABMiller is one of the world`s largest brewers with brewing interests and
distribution agreements across six continents. The group`s wide portfolio of
brands includes premium international beers such as Pilsner Urquell, Peroni
Nastro Azzurro, Miller Genuine Draft, and Grolsch, as well as market-leading
local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller
is also one of the world`s largest bottlers of Coca-Cola products.
In the year ended 31 March 2010 the group reported US$3,803 million in adjusted
pre-tax profit and group revenue of US$26,350 million. SABMiller is listed on
the London and Johannesburg stock exchanges.
About Tsogo Sun
Following the implementation of the merger, which was originally announced on
the Stock Exchange News Service of the JSE on 18 February 2010, Tsogo Sun will
be South Africa`s leading hotel, gaming and entertainment company and will
consist of two divisions, namely Gaming and Hotels.
Tsogo Sun`s gaming operations will consist of 14 casinos represented in 6 of
South Africa`s provinces. It will have an interest in the following resorts:
Montecasino, Gauteng (100.00%)
Gold Reef City, Gauteng (100.00%)
Silverstar Casino, Gauteng (100.00%)
Suncoast Casino and Entertainment World, KwaZulu-Natal (73.50%)
Mykonos Casino, Western Cape (70.36%)
Golden Horse Casino, Kwa-Zulu Natal (100.00%)
The Ridge Casino, Mpumalanga (100.00%)
Emnotweni Casino, Mpumalanga (100.00%)
Blackrock Casino, Kwa-Zulu Natal (100.00%)
Goldfields Casino, Free State (100.00%)
Caledon Casino, Western Cape (100.00%)
Garden Route Casino, Western Cape (85.00%)
Hemmingways Casino, Eastern Cape (80.00%)
Queens Casino , Eastern Cape l (25.10%)
Tsogo Sun also owns the Southern Sun hotels group, which was founded in 1969
with the Beverly Hills Hotel in Umhlanga, and has grown to be the largest hotel
group in South Africa, with approximately 90 hotels and 14 438 rooms at the end
of 2010.
The Southern Sun Hotel group operates in all market segments from deluxe to
budget, under a variety of brands including Southern Sun, Garden Court and
StayEasy, which principally service "people at work" which includes the key,
corporate, government, conference, airline and incentive segments of the market,
making up approximately 75% of revenue. Southern Sun is also the largest
timeshare operator in South Africa.
Internationally the group has expanded in Africa, Seychelles and the Middle East
and continues to look for new investment opportunities in these regions.
This announcement is available on the company website: www.sabmiller.com
High resolution images are available for the media to view and download free of
charge from the News and Media section of www.sabmiller.com or
www.newscast.co.uk
Contact
SABMiller plc Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs Tel: +44 20 7659 0184
Gary Senior Vice President, Investor Tel: +44 20 7659 0174
Leibowitz Relations
Nigel Head of Media Tel: +44 7799 894265
Fairbrass Relations
This announcement does not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire securities of SABMiller plc (the
"Company") or any of its affiliates in any jurisdiction or an inducement to
enter into investment activity.
This announcement includes "forward-looking statements". These statements
may contain the words "anticipate", "believe", "intend", "estimate", "expect"
and words of similar meaning. All statements other than statements of
historical facts included in this announcement, including, without limitation,
those regarding the Company`s financial position, business strategy, plans
and objectives of management for future operations (including development
plans and objectives relating to the Company`s products and services) are
forward-looking statements. These forward-looking statements involve known
and unknown risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of the Company to be materially
different from future results, performance or achievements expressed or implied
by such forward-looking statements. These forward-looking statements are
based on numerous assumptions regarding the Company`s present and future
business strategies and the environment in which the Company will operate in
the future.These forward-looking statements speak only as at the date of this
announcement.The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements contained
in this announcement to reflect any change in the Company`s expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based. Any information contained in this announcement
on the price at which the Company`s securities have been bought or sold in
the past, or on the yield on such securities, should not be relied upon as a
guide to future performance.
Date: 18/02/2011 08:54:05 Supplied by www.sharenet.co.za
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