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Casinos Austria disposes of its stake in Gold Reef Resorts Julius Baumann Casinos Austria has sold its 20,6% stake in Gold Reef Resorts for R963m to a South African fund, believed to be Allan Gray. The transaction represents R16 a share, a sharp discount from yesterday's closing price of R17.95 and far below last year's R34 per share offered by Ethos in its failed buyout. Josef Leutgeb, chief financial officer of Casinos Austria, said the stake had been up for sale for some time and the group wanted to take advantage of the rand's relative strength. Casinos Austria would invest the proceeds in building a Brussels casino it would wholly own.
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