Sun International
Signs Black Empowerment Deal
As reported by the Mail &
Guardian: "Leisure, casino and hospitality
group Sun International, which announced a R604-million
broad-based black economic empowerment (BEE)
deal on Monday, is no stranger to BEE. In fact,
the group was doing it long before it become
either fashionable or practically obligatory.
"According
to CEO designate David Coutts-Trotter, who takes
over the reins from Peter Baker in July next
year, Sun International has been at the forefront
of BEE in the leisure industry with all new
casino operations being owned in partnership
with empowerment groupings -- an initiative
that started as far back as the mid-Nineties.
"Empowerment,
he adds, has been an integral part of Sun International's
business strategy, particularly with respect
to new casino-licensing and bidding processes.
"The
deal announced on Monday, which sees 7% of the
group being hived off to a group of historically
disadvantaged individuals, including Sun International's
staff and black management, takes black ownership
in the group to more than 25%.
"The
deal is part of Sun International's empowerment
undertaking to the North West Development Corporation
in 2003. The group's new BEE partner will be
a newly created investment holding company,
Dinokana Investments…"
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