Incorporated in May 1995, Global Resorts SA (Pty) Ltd changed its name in June 2004 to Peermont Global Limited. With the motto ‘Reaching New Heights’ the management continually considers growth opportunities at home in South Africa and abroad. Exiting early from the contest to bid for a casino licence in Singapore, the company has concentrated on expansion in Southern Africa.

In December 2005 Peermont Global announced that its wholly-owned subsidiary Main Street 382 (Pty) Ltd, to be renamed Peermont Global Tusk Holdings (Pty) Ltd (PGTH), acquired a controlling interest in Tusk Casino Resorts and Hotels Group, subject to certain conditions. The company has now announced that all outstanding conditions have been met and approval gained from the relevant gambling bodies, albeit with certain provisos.

Peermont has confirmed that it will sell 21% of its Tusk holding to Group MIC Leisure, a BEE company. This is to meet government requirements for black empowerment bodies to own interest in casino operations. The purchase price for the combined Tusk Resorts and Emanzini transactions is R508 million, (US$82.6 million), payable on Monday 21 August.

Gottam Investments owns 20% of the issued share capital of Tusk Resorts. PGTH will acquire the Gottam shares and claims in Tusk Resorts, if certain conditions have been met, with an additional R7.4 million (US$1.09 million)for Taung agterskot. If these conditions are fulfilled by 31 March 2007, an approximate amount of R2.1 million, calculated as at 31 March 2006, will become payable to Gottam. The Tusk Taung purchase consideration will escalate by 7% per annum from 1 April 2006 until the date of payment of the agterskot amount. (E-08.17.06)

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