Africa’s leading hospitality group, Tsogo Sun Hotels Limited (JSE:TGO) today became the second company to list on the JSE’s main board this year.
The listing comes as a result of the Tsogo Sun Hotels Limited unbundling from the Tsogo Sun group. Tsogo Sun Hotels Limited owns, leases and manages hotels in South Africa as well as several sub-Saharan countries, the Seychelles and Abu Dhabi. The Tsogo Sun Group’s 59.2% interest in Hospitality Property Fund Limited (HPF) held by Tsogo Sun Hotels Limited will remain owned and consolidated by Tsogo Sun Hotels Limited.
Tsogo Sun Hotels Limited will also hold the Tsogo Sun Group’s minority investment in RBH Hotels UK Limited and International Hotel Properties Limited, based in the United Kingdom. The hotels that have been developed as part of the various casino complexes owned by the Tsogo Sun Group will remain with Tsogo Sun but will be operated under a management agreement by Tsogo Sun Hotels Limited.
Marcel von Aulock, CEO of Tsogo Sun Hotels says, “Over the last five decades, Tsogo Sun has played an important role in shaping the landscape of hospitality and entertainment in South Africa and further afield. In this, its fiftieth year, the group’s anniversary coincides with the listing of Tsogo Sun Hotels on the JSE, with a portfolio of over 100 hotels and a variety of restaurant, conferencing and entertainment facilities. Tsogo Sun Hotels offers investors’ value through footprint and scale as Africa’s leading hospitality group. Today’s listing represents an exciting new era for all of our stakeholders – from shareholders to employees – and we look forward to continuing to serve our guests with the dedication and excellence that they have come to expect from a company such as ours.”
Donna Nemer, Director, Capital Markets and Group Strategy at the JSE, welcomed the Tsogo Sun Hotels Limited listing, adding that: “This significant listing is a cause for celebration not only for Tsogo Sun Hotels Limited, but for the JSE as well. Tsogo Sun Hotels Limited has a rich 50 year international heritage of providing their hotel guests with excellence. This is an opportunity for Tsogo Sun Hotels Limited to unlock a wealth of potential and capital for its investors on one of the best platforms globally for emerging markets”.
Tsogo Sun Hotels Limited becomes the second company to list in the hotels subsector where the sector has a market capitalisation of R4.38 billion.