Congella to dispose of property portfolio

Posted On Wednesday, 02 July 2003 02:00 Published by eProp Commercial Property News
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Shareholders in Congella Federation (Confed) approved plans to dispose of its property portfolio and distribute the cash in a move that sees the investment holding company join the growing ranks of small companies exiting the JSE Security Exchange SA .

Property-Housing-ResidentialThe company is, however, an indirect victim of the fallout of the takeover of BoE by Nedbank last year. Nedcor placed Commercial Finance , which owns 76% of Confed, into liquidation in December.

Commercial Finance has applied for Confed's liquidation in a bid to recoup its investment.

Confed proposed disposing of its property portfolio to Pangbourne Properties; making a cash distribution to shareholders of about R95 a share and suspending and delisting the company. T he company would then be voluntarily wound-up.

The directors confirmed the Competition Commission had approved the disposal .

Last month, Confed sold its Anglo American shares for R8,9m and announced it had received an offer of R88,3m from Pangbourne for the property portfolio.

 

Last modified on Monday, 12 May 2014 14:59

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