Sun International raises stake in Sun Dreams

Sun International will pay US$63 million through Sun Latam.

Credits: rutaschile.com

The South African casino operator Sun International will buy out more stakes in Sun Dreams, the Latin American targetted firm.

South Africa.- Sun International announced last Tuesday that it will soon raise its stake in Latin American Sun Dreams. The South African firm informed that it will buy out 19.3 percent stake in the operator through its subsidiary Sun Latam and its fellow stakeholder Nueva Inversiones Pacifico Sur Limitada (Pacifico).

The percentage to be bought is currently held by the Chilean company Entretenimientos del Sur Limitada (EDS) and will cost Sun Latam US$63 million for half of the stake. Its holding in Sun Dreams will then reach nearly 65 percent, as fellot stakeholder Pacifico’s will rise to 35 percent.

Sun International already owned stakes in Sun Dreams as it is the result of the merger between its Latin American business with Chile’s Dreams S.A. The buyout originated in March, when EDS notified the firm that it wished to proceed with a listing of Sun Dreams on the Santiago or New York stock market or sell its shares.

Sun International operates casinos and resorts in Africa and also has a variety of businesses in several of the most active Latin American countries in the industry such as Chile, Panama and Colombia.