Johannesburg - South Africa's Hospitality Property Fund Ltd has ditched a plan to buy hotel chain City Lodge, the company said on Friday.
"Based on feedback from the shareholders of City Lodge Hotels and further discussions with the management of City Lodge, the board...has resolved not to proceed with any proposal relating to the acquisition by Hospitality of City Lodge," it said in a statement.
City Lodge shares moved 0.2% firmer in early trade on Friday to R52.60 from its previous close, while Hospitality shares were untraded at R12.10.
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