Hosken Consolidated Investments (HCI) has used its controlling stake in Johnnic Holdings to vote down Johnnic's proposed R675-million takeover of Nafhold.

The two companies have been at loggerheads over the control of Johnnic and also for control of Tsogo Sun, which owns Southern Sun gaming and hotel assets.

The Nafhold deal would have given Johnnic a 34.5 percent stake in Tsogo Sun, while HCI owns a 44 percent stake, putting them in conflict.

HCI increased its stake in Johnnic to 49 percent last week, allowing it to shoot down Johnnic's proposed Nafhold deal at its shareholder meeting.

Fifty-four percent of Johnnic shareholders voted against the deal, according to a statement.

HCI also appointed four directors to Johnnic's board — Marcel Golding, Velaphi Mphande, John Copelyn and Michael Jacobson.

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