IFA Hotels & Resorts (IFH) on Wednesday said it had received a firm intention from Kuwait-based KSCC‚ a public property investment company‚ to acquire all the issued ordinary shares in the capital of IFA‚ save for the IFA shares held by IFA KSCC.

The offer will be implemented by way of a scheme of arrangement between IFA and its shareholders.

The implementation of the scheme will result in the delisting of IFA from the JSE.

“The intention is to convert IFA to a private company‚” the company said in a statement on Sens.

The offer price is 20c per scheme share. It represents a 66.67% premium to the 12c closing price of IFA shares on May 28.