A Real Africa Holdings
(RAH) subsidiary is taking Sun International South
Africa to court over a three-year-old dispute concerning
shares in the business that owns and operates the Table
Bay Hotel and GrandWest casino.
Afrisun Leisure Investments – which RAH has a two-thirds
stake – has an interest in Sun International SA-managed
SunWest International, the vehicle that owns the Cape
Town interests.
Afrisun says the Sun International’s sale of 1,5m
SunWest shares for R75 apiece to Grand Parade
Investments was a breach of the SunWest shareholders’
agreement.
At the time, Sun International offered Afrisun half of
those shares (equating to 5,5% of SunWest’s share
capital), although it attached what Afrisun labels
“unacceptable conditions to the offer”.
Afrisun wants the GPI transaction to be declared void.
Also, it is seeking a court order obliging Sun
International to unconditionally offering to sell the
768,650 shares to Afrisun, and backdate this to June
2003.
By backdating, Afrisun says it would be entitled to the
dividends declared to date – which amount to R22,9m
without interest.
If this doesn’t go through, Afrisun is, claiming R326,7m
in damages.
All this is taking place while Sun International has
made a bid to buy Real Africa.
