AVIS Southern Africa has agreed to sell its 75% stake in timeshare firm RCI Southern Africa to RCI Europe for R272.7m in cash – a capital gain of R90m over the original purchase price. It said RCI SA had been successful business, but it was increasingly competing for capital with Avis’ car rental and fleet management businesses. RCI SA operates timeshare businesses in southern Africa, Australia, New Zealand and Fiji. It has a membership base of 180 000 and generates more than 150 000 exchange transactions annually. The transaction is expected to close on or about March 1, 2001. – Reuters