Sun International to issue 127m shares in rights offer

Sun International will tap shareholders for funds at R9.44 a share in a R1.2 billion ($71.48 million) rights issue, the hotel and casino owner said on Tuesday.

The owner of Sun City resort will use the rights issue funds to improve its short to medium-term liquidity and strengthen its balance sheet as the coronavirus restrictions hit its operations.

The company will offer 127 million shares at R9.44 rand each, representing a 25% discount, it said in a statement.