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Sun International Signs Black Empowerment Deal

7 Nov 2005

SOUTH AFRICA – 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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