The 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.