The Board of Tsogo Sun Holdings Limited (JSE:TSH) agreed to spin-off Tsogo Sun Hotels Limited (THL) on March 14, 2019. Tsogo Sun will implement the separation by listing of THL on the main board of the JSE Limited and the subsequent distribution in specie by Tsogo Sun of its entire holding of THL shares to Tsogo Sun shareholders, pro rata to their respective holdings of Tsogo Sun ordinary shares. The shareholders of will receive one THL share for every one Tsogo Sun Holdings Limited share held on the record date of June 14, 2019. Tsogo Sun Holdings Limited proposes to change its name to Tsogo Sun Gaming Limited with new JSE share code "TSG". The listing of THL is expected on or about June 11, 2019 with the JSE share code "TGO". Tsogo Sun Hotels Limited had revenue of ZAR 4.364 billion, operating profit of ZAR 898 million, profit before tax of ZAR 472 million, total assets of ZAR 14.482 billion and total common equity of ZAR 7.411 billion for the year ended March 31, 2018. The Board of THL will include Marcel von Aulock as Chief Executive Officer and Laurelle McDonald as Chief Financial Officer. John Anthony Copelyn will become the Non-Executive Chairman, Marcel Nikolaus von Aulock will become the Chief Executive Officer, Laurelle McDonald will become the Chief Financial Officer, Sipho Christopher Gina will become an Independent Non-Executive Director, Moretlo Lynette Molef will become an Independent Non-Executive Director, Jabulani Geffrey Ngcobo will become an Independent Non-Executive Director, James Robert Nicolella will become Non-executive Director and Mohamed Haroun Ahmed will become Lead Independent Non-Executive Director and Chairman of the Audit Committee of THL, with the balance of the THL Board being comprised of a suitable combination of non-executive and Independent non-executive Directors. The transaction is be subject to the fulfillment of suspensive conditions including approval by the relevant regulatory authorities. The Board of Tsogo Sun Holdings Limited approved the deal. The deal is expected to be completed on June 18, 2019. As of July 20, 2022, Tsogo Sun Hotels to propose to change its name from “Tsogo Sun Hotels Limited” to “Southern Sun Limited”, subject to shareholder approval.

The Standard Bank of South Africa Limited acted as financial advisor, PricewaterhouseCoopers Inc acted as accountant, Link Market Services South Africa Proprietary Limited acted as transfer agent while Taback and Associates Proprietary Limited acted as legal advisor to Tsogo Sun Holdings Limited. The Standard Bank of South Africa Limited will receive a fee of ZAR 5 million, PricewaterhouseCoopers In will receive a fee of ZAR 2.5 million, Link Market Services South Africa Proprietary Limited will receive a fee of ZAR 0.03 million and Taback and Associates Proprietary Limited will receive a fee of ZAR 2.5 million.