| Wed 6 Feb 2002, 0:00 | | Johnnic announces futher property disposals |
|
> 06 February 2001
> >
> > Johnnic Holdings Limited (Johnnic), South Africa’s leading integrated
> telecommunications, media and entertainment black empowerment group today
> announced two disposals of its non-core property portfolio for an
> undisclosed sum.
> >
> > The Steenberg Farm and Hotel, situated in Constantia Valley, were sold
to
> the Shamwari Group, which managed Steenberg Hotel and Restaurant for the
> last five years.
> >
> > Atlantic Beach, a residential golfing estate at Melkbosstrand on the
Cape
> West Coast, was acquired by an investment consortium consisting of
Investec
> Bank, Rabie Property Projects and an overseas investor, with Golding Hotel
> Investment Consultants having negotiated the sale.
> >
> > "The disposal of non-core property interests, which started some two
years
> ago, has yielded in excess of R430 million to date," says Jacob Modise,
> Johnnic Chief Operating Officer.
> >
> > Johnnic still has residual properties around Steenberg which are in the
> process of being sold.
> >
> > Russell Jackson, Johnnic Director: Realty and Special Projects, says
that
> in terms of the agreement with the investment consortium of Atlantic
Beach,
> Johnnic will continue to remain involved in the management of the Golf
Club.
> >
> > "We are proud of what we have achieved with our disposal programme since
> the beginning of the restructuring process. The programme has yielded
over
> R8,2 billion," explains Modise.
> >
> > "We expect to dispose of the balance of our non-core assets, totaling in
> excess of R0,5 billion in the next few months," concludes Modise.
> >
> > Issued by Busi Pilane, PRO tel: +27 (0) 11 373-7210, cell: +27 (0) 83
> 380-3121
> >
> > For further information, contact:
> >
> > Jacob Modise, Johnnic COO – tel: +27 (0) 11 373-7100, cell: +27 (0) 83
> 287-3385;
> >
> > Russell Jackson, Johnnic Director: Realty & Special Projects, tel: +27
> (0) 11 266-3314; cell: +27 (0) 83 443-2155.
> >
> >
