Business

Grand Palm to have new owners

Friday, October 27, 2017
The Grand Palm is Gaborone's only five star hotel PIC: KAGISO ONKATSWITSE
The Grand Palm is Gaborone's only five star hotel PIC: KAGISO ONKATSWITSE

The Grand Palm Hotel, Gaborone’s only five star hotel, is set to have new owners if a proposed deal for current controlling shareholder, Peermont Global to divest goes through.

Peermont Global owns 60% in Peermont Botswana, which in turn runs the Grand Palm Hotel and Casino, Mondior, Metcourt and the casino at Sedibeng hotel in Francistown.

In a deal that is currently being examined by the competition authorities in Botswana and South Africa, a US company, Golden Tree Asset Management LP together with South Africa’s MIC Leisure have proposed to jointly acquire Peermont Global.

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The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...

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