Mauritius hospitality major, Sun Resorts Ltd, approved the acquisition of the 50 percent shareholding held by ALTEO Limited in Anahita Hotel Limited, which owns the Four Seasons Resort Mauritius at Anahita.
The 50 percent stake in Anahita will cost Sun Resorts Rs 926.4 million in cash upon completion.
Sun Resorts and ALTEO appointed Ernst & Young Ltd and PricewaterhouseCoopers Ltd (PwC) to prepare an independent valuation report for the purpose of the transaction.
The stock market had closed by the time Sun Resort released a statement on its acquisition and its shares had closed unchanged at Rs 44.50.
For the half year ended 30 June 2014, Sun Resorts posted loss before tax of Rs 118.49 million against Rs 112.53 million for the corresponding period of last year.
According to the Board of Directors of Sun Resort Limited, the transaction is regarded in its best interest because it is aligned with its strategy of developing its hotel portfolio through partnerships with international luxury operators whilst reinforcing the development of its own brand.
Finally, the Board ended the communiqué by saying that they will keep the shareholders and the investing public informed of supplementary developments in this matter and they were advised to be careful when dealing in the shares of Sun Resorts Limited.
About Sun Resorts
Founded on February 10, 1983, Sun Resorts owns and manages five hotel complexes in Mauritius – Le Touessrok, Long Beach, Sugar Beach, La Pirogue, Ambre – and one hotel Kanuhura in Maldives.
Le Touessrock, which is the flagship hotel of the group, is a five star establishment and member of the prestigious circle The Leading Hotels of the World.
Sun Resorts has been quoted on the Stock Exchange of Mauritius since January 1993 and the 100% Mauritian company has approximately 6,000 shareholders.
Image (Anahita Property): The transaction is regarded in the best interest of Sun Resorts because it is aligned with its strategy of developing its hotel portfolio through partnerships with international luxury operators whilst reinforcing the development of its own brand.
More business news on AfricaMoney
Facebook Comments