Sun International says it is proceeding with plans to sell its investment in Nigeria, citing a feud within the Ibru family that controls a majority stake in Tourist Company of Nigeria, owners of Federal Palace Hotels.
Sun International is a gaming and hospitality conglomerate which currently owns 49% equity and has been the operator of Federal Palace Hotel since 2006 when it invested in the parent compay.
Parties to the dispute seek to dislodge Goodie Ibru as chairman.
The dispute had prompted the parties including the Securities and Exchange Commission, SEC to appoint Deloitte to investigate.
“We understand the Deloitte investigation has been completed, with the report having been delivered to SEC. We have received a number of unsolicited offers from third parties expressing an interest to acquire our shareholding and outstanding loan amount in TCN,” Sun International told Businessday South Africa,
Sun International is to appoint deal advisers to start with a formal disposal process after the resolution of the SEC investigation.
The company said Federal Palace Hotel has underperformed.
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