Bonatla enters two separate share-swap deals

Posted On Monday, 05 May 2014 16:06 Published by
Rate this item
(0 votes)

Bonatla announces the acquisition of a 75.1% stake in Namavect Proprietary in a share-swap deal.

Bonatla Property Holdings (BNT) on Monday announced the acquisition of a 75.1% stake in in a share-swap deal that will enable the company to participate in the development of a Kimberley diamond and jewellery hub in partnership with the Northern Cape government.

The Northern Cape Department of Economic Development and Tourism has committed to secure about 67ha of land in the close vicinity of the Kimberley Airport and plans to have this designated area rezoned into a special economic zone in terms of tax incentives‚ duty free trade and incentives.

Bonatla said it had agreed to pay Namavect a fee of 0.2% of the transaction value of R250m within 14 days of the effective date. The proposed deal is subject to a number of conditions‚ including Bonatla's board approval.

Separately‚ Bonatla has bought 75.1% of shares in Inqaba Trading Trust in a share-swap deal that positions Bonatla to take part in the development of 1‚214 residential units in Pietermaritzburg.

Inqaba has agreed to swap its share equity in Lincoln Meade Park to Bonatla in exchange for 120-million ordinary shares in Bonatla.

Most Popular

Property sales and development in Cape Town’s East City precinct healthy despite pandemic

Sep 01, 2020
Just nine months after launching to market, 63% of The Harri, a new 48-unit apartment…

Realising the potential of embattled Cape York

Sep 01, 2020
Previously owned by the Bank of Mozambique and abandoned, Cape York had been hijacked and…

Minister de Lille applauds Women in Construction at 2020 ERWIC Awards

Aug 31, 2020
Patricia De Lille
“Women in SA need to be given the opportunity to participate meaningfully, including in…

Business parks thrive as industrial tenants seek value

Sep 10, 2020
Rael Levitt
Business parks are coming into their own as a viable asset class in commercial real…

Creativity on the march across retail landscape

Sep 14, 2020
Belinda Clur MD
Creativity is on the march across the retail landscape as sector players get to grips…

Please publish modules in offcanvas position.