Johnnic sells more Cape jewels

Posted On Friday, 08 February 2002 03:01 Published by
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JOHNNIC Holdings Limited (Johnnic), South Africa's leading integrated telecommunications, media and entertainment black empowerment group yesterday announced two disposals of its non-core
JOHNNIC Holdings Limited (Johnnic), South Africa's leading integrated telecommunications, media and entertainment black empowerment group yesterday announced two disposals of its non-core property portfolio for an undisclosed sum.
The Steenberg Farm and Hotel, situated in Constantia Valley, were sold to the Shamwari Group, which managed Steenberg Hotel and Restaurant for the last five years.
Atlantic Beach, a residential golfing estate at Melkbosstrand on the Cape West Coast, was acquired by an investment consortium consisting of Investec Bank, Rabie Property Projects and an overseas investor, with Golding Hotel Investment Consultants having negotiated the sale.
'The disposal of non-core property interests, which started some two years ago, has yielded in excess of R430 million to date,' says Jacob Modise, Johnnic Chief Operating Officer.
Johnnic still has residual properties around Steenberg which are in the process of being sold.
Russell Jackson, Johnnic Director: Realty and Special Projects, says that in terms of the agreement with the investment consortium of Atlantic Beach, Johnnic will continue to remain involved in the management of the Golf Club.
'We are proud of what we have achieved with our disposal programme since the beginning of the restructuring process. The programme has yielded over R8,2 billion,' explains Modise.
'We expect to dispose of the balance of our non-core assets, totaling in excess of R0,5 billion in the next few months,' concludes Modise.

Publisher: Cape Business News
Source: Cape Business News

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