A South African casino and hotel company called Johnnic Holdings is meant to pay $100 million. They want to pay this amount to help their position with the Tsogo Sun casino and create a good defense against the wanted take over by the HCI. Johnnic will do about anything to make sure this will be theirs.
Johnnic stated early this week that they had agreed to buy Nafcoc Investment Holdings's (Nafhold), and gained a 25% stake in Tsogo Investment Holding Company (TIH), which controls Tsogo Sun. That whole property is worth 675 million rand.
Their shares in Johnnic leapt 7.1% to 12 rand when the market closed. This increased the stock share with a 10.70 rand per share cash bid by HCI or an offer of one of its own share holdings for 2.57 Johnnic shares. Johnnic may very well reject this offer and it serves them no purpose. |
