JOHANNESBURG – JSE-listed hotel and gaming group Sun International has declared that it wants to cut off its debt after massive investments in recent years.
Group officials have confirmed the organisation is in the process of boosting its balance sheet by 2018 following massive investments and acquisitions.
The group was faced by enormous debts amounting to R15.1 billion by the end of June earlier this year.
Authorities said limiting investments and acquisitions is the first step that the group will take in reducing and overcoming massive debts they have.
It is reported the group’s international developments, including the Sun Nao casino in Colombia, the Ocean Sun Casino in Panama and the casino gaming in Chile came at a huge cost for the company.
The group said “All our international investments and acquisitions were funded with debt resulting in a significant increase in the group’s gearing levels.”
Anthony Leeming, chief executive of Sun International said the group was having everything under control.
“We want to strengthen the balance sheet and deal with the debt as we focus on the year ahead,” Lemming said.
It is reported that Sun International shares rose 1.78% to close at R52.15 on the JSE on Monday.