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March 17, 2009
Tsogo Sun deal puts Gold Reef BEE at risk
Gold Reef Resorts was concerned its black economic empowerment (BEE) status might have been compromised because Tsogo Sun bought a 23 percent stake from "various black BEE shareholders and on the market", chief executive Steven Joffe said yesterday.
Pointing out that Tsogo Sun was "on a pure flow-through principle, less than 50 percent black-owned", he said Gold Reef had petitioned the gaming boards concerned to confirm that "the group's various empowerment commitments relating to shareholding specified in the group's various gaming licences remain adequate".
Posted by StaffWriter at March 17, 2009 7:24 AM