SABMiller Completes Sale Of 293,896,315 Ordinary Shares Of Tsogo Sun

(RTTNews) - SABMiller plc (SBMRY.PK, SAB.L) reported that it has sold, through its subsidiary SABSA Holdings Limited, 293,896,315 ordinary shares of Tsogo Sun Holdings Limited at ZAR 25.75 per placing share for a total gross consideration of ZAR 7.6 billion (approximately US$707 million).

The company said members of Tsogo Sun's executive management team have committed, subject to Tsogo Sun shareholder approval of the loan facility to be made available to members of Tsogo Sun's executive management team, to purchase 7,766,990 ordinary shares in Tsogo Sun from SABMiller at the placing price.

The balance of SABMiller's ordinary shares in Tsogo Sun, being 133,584,599 ordinary shares, will be repurchased by Tsogo Sun, subject to Tsogo Sun shareholder approval, for an aggregate consideration of ZAR 2.8 billion (approximately US$261 million).

Alan Clark, Chief Executive of SABMiller said: "We will seek to reinvest the net proceeds of this disposal in our core growth beverage businesses, including our African operations."

The general meeting of Tsogo Sun shareholders to vote on the Executive Loan Facility and the repurchase has been convened for 5 August 2014. SABMiller expects the repurchase to be effective on or about 5 September 2014.