May 30, 2017 / 10:10 AM / 2 years ago

S.Africa's Sun International raises stake in Sun Dreams

JOHANNESBURG, May 30 (Reuters) - South Africa’s Sun International will boost its stake in Latin America-focused Sun Dreams, the casino and hotel operator said on Tuesday.

Its subsidiary Sun Latam and fellow stakeholder Nueva Inversiones Pacifico Sur Limitada (Pacifico) will buy out a 19.3 percent stake in Sun Dreams held by Chile’s Entretenimientos Del Sur Limitada (EDS).

Sun Latam will pay $63 million for its half of the stake, Sun International said, raising its holding in Sun Dreams to almost 65 percent. Pacifico’s stake will rise to 35 percent.

Sun Dreams was created last year when Sun International merged its Latin American business with Chile’s Dreams S.A.

EDS notified Sun International in March that it wished to proceed with a listing of Sun Dreams on the Santiago or New York stock market or sell its shares.

In addition to its African casinos and resorts, Sun International owns and operates casinos and hotels in a number of Latin American countries, including Chile, Panama and Colombia.

Reporting by Nqobile Dludla; editing by Jason Neely

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