Golden Reef Casino Completes Refinancing

Monday February 13, 2006

As reported by Reuters: "South Africa's Golden Reef Casino Resorts Ltd has completed the refinancing of its black empowerment partner, Akani Leisure Investments Ltd, and is spending some 300 million rand on increasing stakes in some of its casinos, it said on Monday.

"Golden Reef Casino said it would spend around 115 million rand to increase its stake in Garden Route to 73.9 percent from 42.5 percent.

"The company was also boosting its stake in the Goldfields Casino in the Free State to 74.9 percent by buying a 62.5 percent holding from Tanglepark Trading for 136.5 million rand, plus shareholder loans of 3.1 million rand?"