Eastern Cape Gambling & Betting Board

On 30 August 1999, the Eastern Cape Gambling & Betting Board (“ECGBB”) issued a Casino Licence to Transkei Sun International Limited (“TransSun”) trading as Wild Coast Sun, which the casino licence contained inter alia a condition of licence which provided that within three years of the issue of licence, at least 30 per cent of the shares of Transun shall be sold to individuals or group of individuals previously disadvantaged by unfair discrimination.
To meet the condition of licence referred to above, Sun International (South Africa) Limited (“SISA”), the then sole shareholder of Transun agreed to sell 30 per cent to a new company that was to be formed, namely Mbizana Community SPV which shares were owned by a trust representing and benefiting previously disadvantaged groups or individuals. The Wild Coast Sun Mbizana Development Trust was then created to serve this purpose and to hold Mbizana Community SPV’s 30 per cent shares in Transun.
Monthly management fees and declared dividends are the income streams used for the exclusive benefit of the community of Mbizana in the form of project funding and other development objectives identified by the trustees. Trustees are elected to manage the affairs of the trust. Seven new trustees were elected and appointed in January 2013.