South Africa-based Tsogo Sun Holdings Ltd. said it did not receive enough shareholder support at its Nov. 12 general meeting for the sale of seven mixed-use casino properties to Hospitality Property Fund.
Hospitality Property and its subsidiary agreed to acquire the South African properties in a shares and subscription deal worth 23 billion rand in July. The transaction was initially proposed in March.
Tsogo's board withdrew the resolutions that were to have been considered at the meeting, and the deal was terminated.
As of Nov. 12, US$1 was equivalent to 14.44 rand.
