Tsogo Sun, a casino operator based out of South Africa, had plans to offload seven of its casino and hotel properties to the Hospitality Property Fund. However, the deal has now gone south, with the company not receiving the support from shareholders that it had anticipated.

In a company statement from the past Monday, Tsogo announced, “The sale of shares and subscription agreement has been terminated by agreement between Tsogo, Hospitality and the remaining parties to that agreement.” Tsogo had expected to receive around $1.72 billion for the acquisitions.

This past September, a general meeting held been held to pass special resolutions related to the sale. The meeting was adjourned without conclusion, with the chairman of Tsogo’s board setting a new meeting for this past Monday. At that meeting, Tsogo told shareholders that the deal would be scrapped because it was obvious the sale was not supported by the shareholders.

Tsogo had suggested that it sell 100% of the issued share capital in Listed and Cassava – which own the Casino Precinct Properties – to Hospitality. It would also subscribe over one billion Hospitality shares through the deal, which would make Tsogo the 87% owner of Hospitality.