Sun International is currently in ongoing negotiations for an acquisition deal, without disclosing further information about the party involved. However, the company has emphasized that this potential deal could have a significant impact on its securities. Therefore, shareholders are advised to exercise caution when trading their securities until a formal announcement is made.
Following the announcement of the acquisition talks, Sun International shares initially dropped but have since rebounded. They are currently trading at ZAR4,103 (£174/€200/$219) per share, experiencing a 0.07% increase from the opening price on November 27.
In September, Sun International released its first-half results, indicating an 11.6% increase in income for the six months ending on June 30. Despite a challenging economic climate and increased competition, the company achieved growth across its business segments. Notable highlights include a 26.9% rise in resorts and hotels income, reaching ZAR1.42bn, as well as a 4.2% increase in urban casinos income, totaling ZAR3.27bn, predominantly driven by casino operations.
The group’s adjusted EBITDA for the first half of the year amounted to ZAR1.57bn, representing a 5.6% growth compared to the same period in 2022. Additionally, Sun International reported an overall profit of ZAR485m for the period, a remarkable 41.0% increase from the previous year.
