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MBABANE – The three hotels under Sun International Management Limited have been purchased by Canham Mining International (Pty) Ltd.
The highest bidder in the sale of the hotels, situated in Ezulwini, reportedly offered E1 billion. Among the bidders were Eswatini National Provident Fund (ENPF), Yeoman Properties  (PTY) Ltd, WZN Investments (Pty) Ltd and Africa Orbit Holdings (Pty) Ltd.

According to a report to the master of the High Court, compiled by the co-liquidators, Marisa Boxshall-Smith and Paul Mulindwa, on April 22, 2022, the Creditors Committee ranked the bidders and on top of the list was Canham Mining International, followed by ENPF, Yeoman Properties, WZN Investments and Africa Orbit Holdings came last.


Canham Mining International is not new in the country as in 2016, it was granted a licence to set up a thermal power station. The Australian company obtained the license ahead of JSW Energy and its partners. For this project, Canham Mining International had proposed to invest E1 billion and create jobs for over 30 000 workers. In court papers filed by the master of the High Court on March 18, 2022, the liquidator allegedly reported to the creditors Committee that a sum of E1 billion had already been deposited into a South African bank account. The master of the High Court further reported that the liquidator also allegedly informed the committee that other potential purchasers had made offers of E934 million, E150 million and the liquidated companies had secured financing of E280 million.

The sale of the hotels, SwaziSpa Hotel and Casino, Lugogo Sun and the Ezulwini Sun, was previously disclosed by Assistant Attorney General (AG) Mbuso Simelane in court where Sun International Limited is seeking the removal of Mulindwa as co- liquidator. Simelane, at the time, did not mention the names, save to contend that the application by Sun International Limited had been overtaken by events as the sale had taken place.
In the report to the master, co-signed by the liquidators, in respect of SwaziSpa Holdings and its subsidiaries dated May 19, 2022, the liquidators provided details on the progress of the bids that had taken place.


The last creditors, shareholders and contributories meeting was held on March 18, 2022.  Thereafter, the Joint Liquidators, together with the Creditors Committee, held various meetings on April 11, 2022 and May 16, 2022 to consider and evaluate the bids for the purchase of SwaziSpa Holdings Limited and subsidiaries in liquidation.

 In the report, the liquidators informed the master of the High Court that during the meeting of April 11, 2022, a discussion was held pertaining to the evaluation of the bids in relation to a set criterion. According to the liquidators in their report, on April 22, 2022, the Joint Liquidators met with the Creditors Committee to give their findings pertaining to the criteria for the respective bidders. They outlined that the most important criteria used by the Joint Liquidators in the evaluation process was among other things, the ability of the bidder to put the assets to productive use, including providing employment to the local people; demonstration that the bidder had the necessary experience to operate such assets; the purchase price offered and the availability of the fund to finance the purchase.

The liquidators went on to state that their evaluation of the bidders was reported on April 22, 2022 to the Creditors Committee ranking the bidders in the following order;  Canham Mining International (PTY) Limited, Eswatini National Provident Fund, Yeoman Properties (Pty) Limited WZN Investments(PTY) Limited and Africa Orbit Holdings ( PTY) Limited. It was reported that the Creditors Committee was in agreement with the liquidators’ evaluation of the bidders.

According to the report, they (liquidators) and the Creditors Committee agreed that the bidders ranked one to three be further engaged to assess their capabilities to meet the terms and conditions of the sales agreements and that the  remainder of the bidders be advised in writing that their bids were not successful. The liquidators went on to inform the master of the High Court that on April 29, 2022 by way of a letter, conditions of sale were proposed to the remaining bidders. Canham Mining International (PTY) Limited and ENPF were reportedly both in agreement with most of the conditions of sale. Yeoman Properties (PTY) Limited is said to have said it would revert to the liquidators on its viewpoint on the conditions of sale.

“On May 11, 2022, the liquidators met with Eswatini National Provident Fund to discuss the conditions and purchase price.  On May 13, 2022 the liquidators met with Canham Mining International (PTY) Limited and thereafter met with Yeoman Properties (PTY) Limited,” reads part of the report.
According to the report, the Joint Liquidators, after the meetings with the preferred bidders and further evaluation, concluded that Canham Mining was the preferred bidder.


On May 16, 2022, the Joint Liquidators are reported to have met again with the Creditors Committee to hear the report from the former. “It was agreed that an agreement of sale should be entered into with Canham Mining International (PTY) Limited,” reads part of the report. In June 2021, the High Court of Eswatini issued a final order for the liquidation of five companies under Sun International Management Limited. Mulindwa is the co-liquidator together with lawyer Marissa Boxshall-Smith.

The affected companies included Swazi Spa Holdings, which was operating SwaziSpa Hotel and Casino, Lugogo Sun and the Ezulwini Sun. Sun international Management Limited is a public company, duly registered an external company, in accordance with the laws of the Republic of South Africa. Other applicants in the application for the removal of Mulindwa are Nedbank Swaziland Limited, former employees of Swazi Spa, Eswatini National Provident Fund (ENPF) and Chick- Fil- A Swaziland (PTY) Limited.

 Respondents in the matter are the Master of the High Court, Mulindwa, Smith and the attorney general. Sun International and the other applicants wanted the High Court to interdict and restrain Mulindwa from performing the functions of a co-liquidator in the liquidation of Swazi Spa Holding and its subsidiary companies pending finalisation of the relief of setting aside his appointment.

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