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Moribo Leisure Limited - IFA Hotels & Resorts To Be Listed On JSE
MORIBO LEISURE LIMITED
(The name of which it is proposed to change to IFA Hotels & Resorts Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: MRB ISIN: ZAE000014023
(`Moribo` or `the company`)
Press Release
Issue- September
IFA HOTELS & RESORTS TO BE LISTED ON JSE
IFA creates a dynamic investment vehicle for investors in South Africa by taking
over an existing JSE-listed company.
IFA Hotels & Resorts K.S.C.C (IFA), a wholly owned subsidiary of Kuwait`s
International Financial Advisors, which is listed on the Kuwait Stock Exchange
and has a global presence and market capitalization of over US$ 1 billion, has
announced its plan to list two of its subsidiaries on the JSE Limited (JSE) in
South Africa.
IFA has reached agreement in principle with JSE-listed Moribo Leisure Limited to
house two of its current South African assets in Moribo which will result in a
reverse take-over of Moribo and a change of the company name to IFA Hotels &
Resorts Limited.
Mr. Jassim M Al-Bahar, Chairman and Managing Director of IFA, said `South Africa
is a model for developing nations in terms of political and economic progress as
evidenced over the last ten years. We have a clear commitment to further
investments into South Africa, and this key milestone is another step towards
our goal of becoming the leading foreign tourism and residential investor in
Africa. The natural progression for our overall investment strategy in South
Africa was to list on the JSE. The listing will also provide for accelerated
investment growth into new ventures.
We have seen an increasing demand from our investors and clients who follow us
across the globe on every new development we engage in, to have more flexibility
on entering into foreign markets. The reverse take-over of Moribo, so enabling
the listing of IFA entities, will create an ideal vehicle for both local and
foreign investors to diversify their portfolio to either invest through the
listed company or directly into the developments.`
IFA Hotels & Resorts Limited will house the 5-star Zimbali Lodge as well as the
equal partnership in the development of the Zimbali resorts and will create the
platform for further investments in South Africa and Africa.
IFA Zimbali Lodge (Pty) Ltd is the owner of Zimbali Lodge which is operated by
Sun International Limited. It is a magnificent 5-star boutique hotel with 76
luxurious rooms to be expanded in 2006 with an additional 20 rooms and is rated
by Conde Naste Traveller magazine as one of the top hotels in the world. Zimbali
Lodge is located amongst indigenous semi-tropical gardens, and overlooks the
signature hole of the scenic Tom Weiskopf-designed championship golf course, the
magnificent lakes and conservation area and the Indian Ocean beyond.
In 2003, IFA Hotels & Resorts (SA) (Pty) Ltd formed a joint venture with
Moreland Developments (Proprietary) Limited (a subsidiary of Tongaat-Hulett
Group Limited), to develop the Zimbali Coastal Resort and the future Zimbali
Lakes development. The Zimbali Coastal Resort covers 3.7 million square meters
(370 hectares) of coastal forest estate with 3,5km of coastline. The joint
venture is developing around 700 residential opportunities therein. The Zimbali
Lakes development covers 3 million square meters (300 hectares) and is a natural
extension of the Zimbali Coastal Resort. Planning applications have been made
for the creation of a resort on Zimbali Lakes.
Says Mr. Jassim M Al-Bahar, `We hope to enjoy continued success in all our new
ventures in South Africa and Africa. We have found a business destination in
South Africa which provides low interest rates, clear legal frameworks, a stable
currency, economic stability, and the opportunity to form lasting private and
provincial partnerships, in a climate that fosters growth, provides jobs and
promotes the region.`
`IFA is responsible for the sales and marketing of the Zimbali resort
developments and all its other developments across the world. This ensures that
we have consistency over all our developments and creates a sales and marketing
strategy to enhance the overall brand and quality throughout. Listing on the JSE
will provide the opportunity to enhance our exposure to the South African market
in addition to offering both South African and international investors the
opportunity to invest into our network of resorts in South Africa, Portugal,
Dubai, Beirut and Zanzibar,` says Phillip de Sylva, Vice President Acquisitions
and Developments IFA Hotels & Resorts (SA).
Outside of South Africa, IFA has acquired the Zanzibar Beach Hotel & Resort as
part of a strategic $30 million re-positioning of the property to be upgraded
and branded as the Movenpick Beach Resort & Spa Zanzibar. Construction starts at
the end of the year, with completion set for 2007. Additional investments for a
second luxury hotel on the island are well underway and will bring IFA`s total
investment on the island to $100m.
In July 2005, through IFA`s partnership with HRH Prince Alwaleed`s hotel
investment company Kingdom Hotels Investments and the prestigious North American
operator Fairmont Hotels & Resorts, IFA acquired an equity share of the Lonrho
Hotels portfolio in Kenya. The portfolio, which consists of five properties in
excess of 400 rooms, includes the historic Norfolk Hotel in Nairobi and the
famous destination resort of the Mount Kenya Safari Club. The remaining three
hotels are located in important and very popular tourist destinations, such as
the Masai Mara. Fairmont Hotels & Resorts will be managing the portfolio in its
entirety and will oversee an ambitious renovation programme that will create the
finest internationally branded hotels and resorts across the Eastern African
continent.
Mr. Jassim Al-Bahar concluded by stating that, `This latest move of listing on
the JSE is a further commitment to providing IFA`s clients and investors with a
full investment strategy from specialized property investments to financial
instruments where they can make their investments through one of the most
regulated and leading stock exchanges in the world. It is in line with our
mission to deliver an outstanding international network of tourism and real
estate opportunities to global investors.`
Ends.
See Background Information on International Financial Advisors and IFA Hotels &
Resorts.
INTERNATIONAL FINANCIAL ADVISORS
International Financial Advisors Co. K.S.C.C is a leading investment company
established in 1974 and publicly trades on the Kuwait Stock Exchange since 1987.
In 2002 International Financial Advisors expanded its activities and formed a
consortium of several leading investors and companies, which includes the second
largest real estate company in the Gulf state - Kuwait Real Estate Co. (KREC) a
publicly listed company established in 1986 and United Investments Portugal
(UIP) established in 1985.
The depth and strength of the group places it in the forefront of companies
engaged in the development of tourism projects, hotels and resorts in the Middle
East, Europe and Africa.
IFA HOTELS & RESORTS K.S.C.C
IFA Hotels & Resorts K.S.C.C (IFA) is a subsidiary of the Kuwait-based
International Financial Advisors Company, with expanding tourism interests
spanning Europe, the Middle East and Africa.
In South Africa, IFA has a joint venture with Moreland Developments in the
existing Zimbali Coastal Resort (www.zimbali.co.za) which covers 3.7 million
square metres (370 hectares). The expansion of the resort will add a further
3.0 million square metres (300 hectares). It also purchased one of South
Africa`s most exclusive hideaway resorts - the Zimbali Lodge
(www.zimbalilodge.co.za) - from South African leisure operator Afrisun Kwa-Zulu
Natal, which is managed by Sun International Limited. This is further evidence
of IFA`s commitment to build and position Zimbali as an exclusive destination
for the discerning international traveler.
In the Middle East, IFA Hotels & Resorts is one of the largest investors in The
Palm, Jumeirah, a man-made island offshore Dubai in the United Arab Emirates.
These investments include: The Fairmont Palm Residence
(www.fairmontpalmresidence.com ) with 558-rooms on the island`s trunk, Fairmont
Jumeirah Hotel & Resort, with a 1 000 room five-star Hotel, Vacation Club and
Residences on the island`s crescent. In addition, the company is also busy with
The Palm Residence (Al Nabat & Al Haseer) and the Golden Mile development which
offers more than 1 000 apartments.
In addition, in 2005, IFA Hotels launched its latest development Alabadiyah
Hills, located in one of the most picturesque summer retreats in Lebanon, Dour
Alabadiyah, situated between Bhamdoun and Aley overlooking Beirut and the
Mediterranean, featuring a selection of freehold private villas, townhouses and
deluxe apartments as well as a spa and other facilities.
The Golden Mile development (www.thepalmgoldenmile.com), a joint venture with
Nakheel, developers of The Palm, includes a shopping and residential apartment
complex, which will cost US $300 million and will feature 780 luxury apartments
as well as 220 boutique shops and restaurants. The project will overlook a 1.5
kilometre canal-side Corniche which will transform it into one of the world`s
most sought-after Corniche-style shopping destinations. Outside of South Africa,
IFA has acquired the Zanzibar Beach Hotel & Resort as part of a strategic $30
million re-positioning of the property to be upgraded and branded as the
Movenpick Beach Resort & Spa Zanzibar. Construction starts at the end of the
year, with completion set for 2007. Additional investments for a second luxury
hotel on the island are well underway and will bring the total investment on the
island to $100m. (www.zanzibarbeachresort.com )
IFA Hotels & Resorts is the force behind the management of the super-premium
Sheraton Algarve Hotel and Pine Cliffs Resort (www.pinecliffs.com ) in Portugal,
part of Starwood`s Luxury Collection. Further acquisitions and luxury
residential golf estates are planned within South Africa, in addition to IFA
Hotels & Resorts considering further African mainland investment in countries
such as Mozambique and Zimbabwe as well as offshore destinations such as
Madagascar, Mauritius and Seychelles.
IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai,
Zimbali-South Africa, Zanzibar and Portugal with its resorts in Lebanon and
Kenya. This will offer tourists in Europe, the Middle East and Africa a unique
network linking the company`s respective hotels, resorts, and vacation and
residence club destinations.
For further information:
South Africa Portugal
IFA Hotels & Resorts PR IFA Hotels & Resorts PR
Phillip de Sylva Teresa Chatillon
Tel: +27-32 538 1988 Tel: +351-289-500106
Fax +27-32 538 1864 Fax: +351 289-501795
phil@ifahotelsresorts.com tchatillon@pinecliffs.com
Dubai Kuwait
Orient Planet PR & Marketing IFA Hotels & Resorts PR
Communications Tel: +965 2470743
Tel: +971 4 398 8901 Fax: +965 2407179
Fax:+971 4 398 8941 celia@ifahotelsresorts.com
info@orientplanet.com
Date: 12/09/2005 04:08:13 PM
Produced by the JSE SENS Department
