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Johannesburg - South African investment firm Hosken Consolidated Investments Ltd (HCI) launched a R750m takeover bid on Wednesday for another investment firm that has a major stake in a hotel and casino group.
HCI said it planned to make a general offer to buy all shares in unlisted Nafcoc Investment Company Ltd, whose main asset is a 25% stake in Tsogo Investment Holding Company (TIH).
Tsogo controls Tsogo Sun, which has interests including Montecasino in Johannesburg, Suncoast Entertainment World in Durban and 76 hotels in the Southern Sun group.
Last year casino and hotel group Johnnic Holdings ltd agreed to buy Nafcoc's stake in TIH for R675m, but the deal was torpedoed by HCI during its successful hostile takeover battle for Johnnic.