Carreras Group has announced that it has entered into an agreement to sell the assets of its subsidiary, Sans Souci Development Ltd, operated as Sans Souci Resort & Spa, to Sans Hotel Development Company, part of the Couples Resorts Group, for a total consideration of US$18,558,000.00. Completion of the sale will take place on September 10, 2005 and as at September 11, 2005 Sans Hotel Development Co. shall be the new owners and operators of the hotel.
Offers of employment will be made by the new owners to the hotel employees.
The sale represents another disposal of a major asset as part of the reorganization plan of Carreras Gp. to focus on its core business of cigarette marketing and distribution.
