SABMiller to sell stake in Tsogo Sun Holdings SABMiller announced its intention to dispose of its shareholding in Tsogo Sun through a combination of an institutional placing and a buy back buy Tsogo Sun following the completion of a strategic review. SABMiller currently has an effective 39.6% shareholding in Tsogo Sun valued at approximately $1.09B. SABMiller has decided to dispose of up to all of its ordinary shares in Tsogo Sun through two conditional transactions: a fully marketed secondary placing of up to approximately 305M ordinary shares to selected South African and institutional investors; and a buy back by Tsogo Sun of at least 130M ordinary shares for an aggregate consideration of approximately $260M.
SABMiller downgraded on currency outlook at RBC Capital As noted earlier, RBC Capital downgraded SABMiller to Underperform from Sector Perform. The firm expects emerging market currency weakness to contribute to a 70 basis point EBTIDA margin decline for the company in 2016.