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Getting Out Of The Deal. 2005-11-17
A South African hotel and casino operator has changed their mind about Singapore. They have decided to withdraw from their bid to operate two casino resorts in Singapore. The reason, they would rather keep their business local with the areas of South Africa and Botswana.
Peermont was set up to thwart Harrah's Entertainment, Wynn Resorts and MGM Mirage from making foot tracks in the area. These three groups are just a few amongst eight others that are bidding on the process. This t type of venture could cost up to $3 billion. This huge cost is also an undisclosed reason that Peermont has decided to withdraw from the bid. Peermont also felt that they had better chances to win against lesser known companies.
All this means that the Peermont shares will be publicly traded on the Johannesburg stock exchange (JSE). The will be traded, and most likely picked up by one of the other big companies. They arenít concerned, just grateful to be out of the deal.
(By Andrea)