Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,659 members, 7,955,380 topics. Date: Sunday, 22 September 2024 at 01:39 AM |
Nairaland Forum / Nairaland / General / Politics / Economic Crises: Sun International Plans To Exit Nigeria (1347 Views)
Benue Crises: Buhari, Saraki And Dogara Meet (Photos) / PDP Crises: The Misinformation, The Truth And The Facts / 9 Governors, 100 Chieftains 'set To Exit' From APC (2) (3) (4)
Economic Crises: Sun International Plans To Exit Nigeria by OKDnigeria: 11:35am On Aug 22, 2016 |
Sun International Ltd. plans to exit Nigeria after the South African casino and hotel operator’s earnings in the country plunged amid a weakening economy and a dispute with the company’s local partners. Sun International bought 49 percent of the Nigerian Stock Exchange-listed Tourist Company of Nigeria 10 years ago, giving it part-ownership of the Federal Palace hotel in Lagos, one of the main hotels used by businessmen travelling to the commercial capital. Earnings before interest, taxes, depreciation and amortization at the Nigerian operations fell 58 percent in the 12 months through June, Sun said in a statement on Monday. Occupancy rates at the property fell to 42 percent. “The Federal Palace continues to operate in a difficult environment with the Nigerian economy facing a number of crises including the low oil price,” the Johannesburg-based company said in the statement. The Islamist insurgency led by the Boko Haram group and a weakening naira also hurt trading, while an “ongoing shareholder dispute has frustrated all attempts to develop and improve the property,” the company said. Other South African companies to have left Nigeria include retailers Woolworths Holdings Ltd. and Truworths International Ltd., citing tough regulation and rising costs. Johannesburg-based MTN Group Ltd., Africa’s biggest mobile-phone provider, agreed to pay a 330 billion naira ($957 billion) regulatory fine in the country earlier this year, leading to its first-ever half-year loss. Shareholder Dispute Sun has been drawn into a “long-standing family dispute” between fellow shareholders in Nigeria, the company said earlier this year, after workers, including South African expatriates, were detained without charges by Nigeria’s Economic and Financial Crime Commission. The employees have still not had their passports returned to them, while no charges have been laid against them or the company, Sun said on Monday. The process of exiting Nigeria is likely to be “protracted,” as Sun seeks to ensure it receives fair value for the investment, the company said. The shares were 0.6 percent lower at 91.59 rand as of 11:46 a.m. in Johannesburg, valuing the company at 10 billion rand ($734 million). Sun, owner of the Sun City resort northwest of Johannesburg, said full-year diluted adjusted earnings per share excluding one-time items fell 20 percent to 6.28 rand, while sales gained 15 percent to 12.2 billion rand. The final dividend was cut to 1.35 rand a share from 1.75 rand the previous year. http://www.bloomberg.com/news/articles/2016-08-22/sun-international-to-exit-nigeria-amid-falling-profit-occupancy |
Re: Economic Crises: Sun International Plans To Exit Nigeria by LORDOFAFONJAS: 11:38am On Aug 22, 2016 |
Adieu to our economy 7 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by EdCure: 11:41am On Aug 22, 2016 |
LORDOFAFONJAS:We shall overcome. 5 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Pidggin(f): 11:41am On Aug 22, 2016 |
2 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Clerverly: 11:43am On Aug 22, 2016 |
No fuss here! Exit and Nigerian investors take over... 2 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by LORDOFAFONJAS: 11:45am On Aug 22, 2016 |
EdCure:no hope bro |
Re: Economic Crises: Sun International Plans To Exit Nigeria by diablos: 11:51am On Aug 22, 2016 |
EdCure: You shall overcome frm d grave abi 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by walemoney007(m): 11:52am On Aug 22, 2016 |
Hmm |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Slimflame(m): 11:52am On Aug 22, 2016 |
Bye bye...when our economy stat booming again by God's grace... u people shud nt come o 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by OKDnigeria: 11:54am On Aug 22, 2016 |
LORDOFAFONJAS:I have hope |
Re: Economic Crises: Sun International Plans To Exit Nigeria by EdCure: 11:57am On Aug 22, 2016 |
LORDOFAFONJAS:Be an incurable optimist. 4 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by EdCure: 12:01pm On Aug 22, 2016 |
diablos:Just when I thought it's only your hope that is dead. Unlike you, I'm very much alive...and making exploits. 5 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Nobody: 12:01pm On Aug 22, 2016 |
Country wen work no dey, the small work wen people dey manage wan run commot from we country. I hail thee Buhari ! 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by osile2012: 12:09pm On Aug 22, 2016 |
[size=18pt]pls stay.[/size] 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Nobody: 12:11pm On Aug 22, 2016 |
Useless government policies on economy With the way things are going, the economy might leave Nigeria 7 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by Holywizard: 12:11pm On Aug 22, 2016 |
I have not seen the laps of a girl For the past 3 months |
Re: Economic Crises: Sun International Plans To Exit Nigeria by TheDEVlLHimseIf: 12:15pm On Aug 22, 2016 |
[s] Clerverly:[/s] zombie 7 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by TheDEVlLHimseIf: 12:18pm On Aug 22, 2016 |
[s] Slimflame:[/s] surly not under a brainless dullard gworo crushing monkey like buhari Oh! God of Abacha's regime we beseech you oh lord do it like you did it before amin cc Clerverly 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by TheDEVlLHimseIf: 12:20pm On Aug 22, 2016 |
7 Likes |
Re: Economic Crises: Sun International Plans To Exit Nigeria by PehaKaso: 12:21pm On Aug 22, 2016 |
Re: Economic Crises: Sun International Plans To Exit Nigeria by BlackSeptember: 12:22pm On Aug 22, 2016 |
By the time buhari finish with our country the biggest Expatriate company will be all these mai shayi makers from chad and Niger 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by BlackSeptember: 12:23pm On Aug 22, 2016 |
Clerverly:which Nigeria company has the money to take over 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by oduastates: 2:15pm On Aug 22, 2016 |
Clerverly: This. Right on the mark. This is why I have always said that Nigeria has the wrong type of elites and that our educational system is flawed and antiquated. No way that a Nigerian cannot build and run casinos. Guess what, The money is in the hands of the wrong types who have congregated in the parts of the economy and are extracting rents where they are not needed( oil and gas). 1 Like |
Re: Economic Crises: Sun International Plans To Exit Nigeria by basilo101: 2:41pm On Aug 22, 2016 |
i told these people that oil money sustains Lagos, those oyibos will flee if oil money stops flowing, only rugged local entrepreneurs has what it takes to survive |
Re: Economic Crises: Sun International Plans To Exit Nigeria by sanandreas(m): 4:39pm On Aug 22, 2016 |
Lagos might end up like Detroit. |
(1) (Reply)
Watch Nigeria Airforce J-17 Multi Role Fighter Due For Delivery November. / Foiled Arrest Of Portharcourt Judge: Gov.fayose May Have Evacuated Funds / Hajiya Aisha Buhari Attende The Burial Of Late Lt. Col. Ali And 6 Others
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 21 |