Cape Correspondent

CAPE TOWN With the ink on the sales contract not even dry, the first of 22 "gentlemen's wine estates" of the "new" Boschendal, the crown jewel of South African wine estates, has been snapped up for R20m by golfing legend Gary Player.

The sale of Boschendal for R323m was announced officially yesterday by Anglo American and its new owners, Citation Holdings, a foreign consortium based in Luxembourg with a 70% stake, and Kovacs Investments, a black empowerment consortium with 30%.

The first phase of the development will see Boschendal rezoned into wine estates such as the one Player bought. Other development will include a high value residential estate development, a retirement village and a boutique hotel, said Clive Venning, CEO and leader of the consortium.

JCI had "at arm's length" provided R20m of the R40m finance needed by Kovacs, led by former African National Congress politician Chris Nissen and including Lunga Ncwana, who has held various positions in the party's youth league.

Other shareholders include Juan Bacardi, a member of the famous Bacardi family.

The rest of the Citation consortium includes Charles Boswell, the South African representative of Crédit Foncier de Monaco, the largest and oldest private bank in Monaco ; Frank Crothers, chairman and CEO of Island Corporate Holdings, a private investment company interests in the Caribbean, Canada and the US; and Craig Symonette, chairman of the largest food wholesalers in the Bahamas and a director of the Commonwealth Bank of the Bahamas.

Dec 05 2003 07:13:32:000AM Chris van Gass Business Day 1st Edition