The corporate battle between Johnnic and Hosken Consolidated Investments (HCI) is set to intensify at its shareholders meeting on Monday, after HCI bought a further four million shares in Johnnic, taking its shareholding to 49 percent.

Shareholders at the Johnnic meeting are set to vote on a proposed R675-million deal to buy Nafhold's interest in Tsogo Investment Holdings, which controls Tsogo Sun, giving it 34.5 percent stake in the gaming company which owns Southern Sun hotels and gambling assets, according to Business Day.

However, HCI, which is also fighting for control of Tsogo Sun, has a 44 percent stake in Tsogo Investment Holdings, which puts it in conflict with Johnnic.

The fact that HCI now owns nearly half of Johnnic puts it in a position to vote down the Nafhold deal, the daily reported.

The Johnnic shares bought by HCI are believed to have belonged to Pepkor and Shoprite chairperson Christo Wiese, it said.

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