In a dramatic turn of events, Libya's sovereign wealth fund, through its subsidiary Ensemble Hotel Holdings, has set its sights on a hostile takeover of Legacy Hotels, a distinguished South African hospitality group. A Bitter Boardroom BattleThe Libyan Investment Authority's (LIA) aggressive bid follows a contentious boardroom disagreement within Legacy Hotels. Legacy Hotels boasts an impressive portfolio of luxury properties, including the iconic Leonardo, which is the tallest building in Africa. Calls for Regulatory InterventionAdvertismentGiven the potential ramifications of the takeover, calls for regulatory intervention are growing louder. Their decision could have far-reaching implications for the South African hospitality industry and the country's economic landscape as a whole.

Source: Libya Today February 13, 2024 03:40 UTC