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Stock Market & Financial Investment News

News Breaks
July 7, 2014
06:14 EDTSBMRYSABMiller 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.
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