CFC to sell R100m of property before delisting.

Posted On Tuesday, 18 February 2003 10:01 Published by eProp Commercial Property News
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Durban - Tenders for the sale of the property portfolio of Commercial Finance Company (CFC) began yesterday as part of the group's third phase in selling its assets, said John Swain, the managing director.

Property-Housing-ResidentialCFC's properties, which are worth between R80 million and R100 million, include Springfield Park, Sydney Road, North Coast Road - all in Durban - and a property in Olifantsfontein, Gauteng.

Swain could not say how much the properties would realise, as a decision on whether to accept the tender price would only be made once the bidding was over in mid-March.

'We expect to carry out a second cash distribution to shareholders once we have sold the properties and received cash for Laser,' Swain said.

Laser is one of CFC's larger assets which has been sold for R24 million. The tender process is being handled by Marriott Merchant Bank and Swain could not say which parties had expressed interest.

A final distribution would be carried out once the SA Revenue Service, the Registrar of Companies and the master of the high court had approved the final liquidation. However, Swain said the delisting process could be delayed until September.

The property portfolio forms about 25 percent of CFC, with the balance comprising its listed investments.

CFC's listed investment portfolio, which had a market value of R189 million, included,
Nedcor, Anglo American, HomeChoice, Rand Merchant Bank Holdings, Idion Technology, Mr Price and Enterprise Outsourcing Holdings. 

The Durban-based investment holding company began selling its small listed portfolio on the open market towards the end of last year, following the decision by majority shareholders Nedcor and the Byrd family. The decision was prompted by Nedcor's acquisition of BoE's assets, in which CFC had a 30 percent stake.

Nedcor and the Byrd family own 56 percent of CFC through their collective 52 percent stake in Really Noble Investments, CFC's major shareholder.

All the listed investments have been sold and shareholders received R20 for every CFC share.

Swain said he would not be rushed into making a decision about his future after the company's delisting.

Last modified on Friday, 09 May 2014 10:24

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