Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.

The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.

This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.

Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.

In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.

The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.

These funds will be utilized to reduce debt.

Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.

This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.

The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.

Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.

In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.

This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.

With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.

Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).

Sam Darwish

According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.

From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.

Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.

It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.

In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.

As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.

As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.

With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.

The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.

Despite this defeat, Darwish remains an important figure in the worldwide telecom business.

IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.

In a bid to further create awareness on the need to practice healthy lifestyle particularly among the productive segment of the society, 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, has advocated for a healthy lifestyle among staff members.

This was made known during a webinar session titled My Health, My Right, facilitated by a health expert, Dr Stephen from AXA Mansard Wellness Team. This was to commemorate this year’s Global Public Health Week, themed: Fostering Peace as a Prerequisite for Equitable Health.

The health week, marked with a series of activities, was designed to enlighten, and raise staff consciousness about healthy living and the factors that determine positive wellbeing.

This is expected to ensure quality of life to achieve high productivity through regular exercises, medical checks, eating healthy, attaining quality rest and the avoidance of toxins to attain improved life expectancy.

Commenting on this year’s theme, Branka Mracajac, the Managing Director and Chief Executive Officer of 9 Payment Service Bank (9PSB), noted that, “Good health is an important aspect of life that is non-negotiable.

Achieving a worthwhile life-work balance is of utmost importance and cannot be handled lightly. The wellbeing of every individual is determined by the kind of choices made daily and intentional efforts accelerated with a mission, actions, and decisions for desired outcome”.

Branka further added, ‘’There is always a price paid for every good outcome. Self-discipline should be inculcated into our daily lives and right steps taken to avoid poor lifestyle that impact negatively on our health.

As the saying goes ‘’health is wealth”. Therefore, we have no reason not to take our health seriously. “As an organisation, we have made provisions for Health Insurance for all staff as required by law and in partnership with our designated Health Management Organisation to ensure access to healthcare for all staff members. We will continue to thrive and take adequate care of our human capital as they are key to the success of our organization”.

The health week activities came to a climax with a well-organized 42-minute walk by all staff members from the Head Office at Adeola Odeku through Saka Tinubu in Victoria Island, Lagos.

The activities were organised to instill in staff the need to indulge in frequent exercises as it improves mental alertness, cardiovascular functions, weight control, reduce risk of chronic conditions like type 2 diabetes and hypertension.

Global Public Health Week (GPHW) is an annual event, organised by the World Federation of Public Health Associations (WFPHA) to mark a pivotal moment for the global public health community.

It aims to bring together institutions, communities, and public health actors from around the world to recognise the contributions of public health and its workforce and to engender discussions on the best practices and gaps fundamental to disease prevention and the promotion of health and wellbeing around the world.