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Sun International Makes Bid for Real Africa Holdings

27 Mar 2006

SOUTH AFRICA – As reported by the South Africa Fin 24 Newss: "Gaming giant Sun International on Monday night pitched a 590c/share offer to buyout equity investment instrument, Real Africa Holdings (RAH).

"The buyout offer represents a 15% premium to the closing market price last Friday of 515c/share and a 12% premium to the 30 day volume weighted average trading price of 527c/share. The proposed offer values RAH at around R2.2bn.

"RAH holds stakes in a number of individual Sun International casinos, namely: 21% of Afrisun Gauteng (Carnival City casino), 11.5% of Afrisun KZN (Sibaya casino), 2.3% of Emfuleni (Boardwalk casino) and 14.1% of Sunwest (GrandWest casino and Table Bay Hotel) as well as shareholdings in the National Casino Resort Manco (21.8%) and the Gauteng Casino Resort Manco (19.9%)…"

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