Austrian co sells Gold Reef stake

Johannesburg - Gold Reef Resorts said on Thursday that Casinos Austria International Holding GmbH has sold its entire shareholding in the company, representing 60.227 million shares (20.6%), to a leading South African fund manager which will hold the shares on behalf of various clients.

Josef Leutgeb, Chief Financial Officer of Casinos Austria and Casinos Austria's representative on the Gold Reef Board, said: "As shareholders and management partners initially, we are proud of the value Gold Reef has created for shareholders."

He added that Gold Reef management has placed the business on a firm growth footing.

"We are selling our holding in line with our stated strategy to be invested in entities over which we have significant management control. We wish Gold Reef and all its employees and shareholders all the best for the future."

- I-Net Bridge