Property Reporter
BONATLA Property Holdings, a listed property investment company with investments in the industrial, commercial and retail properties, yesterday announced it had sold its entire property portfolio for a total gross purchase price of R590m.
It sold 34 properties to Momentum Property Investments, part of the First Rand Group, for R467m, 15 properties to an unlisted property holding company Ixia for R86m payable by the issue of securities in Gold Edge Holdings to the value of R14m.
Developer VKV Properties bought the entire shareholding of Welkom Square Properties for R10,4m. Welkom Square Properties, which is owned by Bonatla, has a bond of about R20m. VKV Properties also assumes certain financial obligations amounting to about R2,1m.
According to documents forwarded by Gold Edge's sponsoring broker an agreement had been reached for Gold Edge to acquire 100% of the issued share capital of Ixia, which amounts to a reverse takeover of the company by Ixia's shareholders. None of the shareholders of Ixia will have more than 35% of the final Gold Edge share capital.
May 15 2003 07:20:14:000AM Nick Wilson Business Day 1st Edition
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