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Betfred enters South Africa by acquiring Betting World

The Betfred Group has announced it has finalised the purchase of Betting World, a subsidiary of Phumelela.
The group completed the deal. ....

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Betfred aquirees Betting World from marred Phumelela

Bookmaker Betfred has purchased Betting World from Phumelela Gaming, after Phumelela rejected BetFred's takeover offer in September. ....

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BettingWorld.co.za buy for Betfred

British bookmaker has reportedly paid in the region of $8.7 million in order to gain a significant foothold in the South African online sportsbetting market. ....

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Phumelela payments to creditors reach ZAR208.3m

Phumelela payments to creditors reach ZAR208.3m
1st February 2021
| By Daniel O Boyle
South African horse racing operator Phumelela, which is in the process of being wound up, has paid ZAR208.3m (£40.6m/€46.0m/$55.5m) to its creditors, according to the latest update from business rescue practitioner John Evans.
The business was placed in was placed in business rescue – a form of bankruptcy protection – in May.
Under the plan, all of Phumelela’s assets were put up for sale, with net proceeds used to repay creditors.
The operator has paid ZAR111.9m to secured creditors Investec and Rand Merchant Bank. A further ZAR14.2m was paid to unsecured creditors, and ZAR82.3m in post-commencement finance to Mary Oppenheimer Daughters, which acquired Phumelela as part of the business rescue plan. ....

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Phumelela shares to delist from JSE as creditors wind up business

Phumelela shares to delist from JSE as creditors wind up business
14th December 2020
| By Robin Harrison
Shares in stricken South African horse racing operator Phumelela Gaming and Leisure Group will delist from the Johannesburg Stock Exchange early next year, as the business is broken up to repay creditors.
Trading of Phumelela shares has been suspended since 8 May, when the company was placed in business rescue – a form of bankruptcy protection – that ultimately saw it accept a rescue deal from Mary Oppenheimer Daughters (MOD).
This, in turn, saw creditors reject a ZAR925m (£46.0m/€50.7m/$61.7m) rival takeover bid from British operator Betfred. ....

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