Golf estate, residential and leisure property development group Acc-Ross Holdings will now list on the JSE's AltX on January 25.

The company, which will be the largest on AltX to date with a R1bn market capitalisation, initially intended to list on the exchange before the end of last year.

CEO Jaco Verster said on Thursday the company had decided the "end of December was a bit out of season", and that it would get proper support this month, when all financial institutions were working again.

"We're currently in the process of negotiating three other major property projects. We'll conclude those transactions post listing," said Verster.

He said Acc-Ross Holdings had a net asset value of just more than R700m.

"That's just purely fixed property we own. It includes the land, but excludes development profits and future profits," said Verster.

The group's portfolio includes golf courses designed by Ernie Els and Retief Goosen.

It will be the second property listing on AltX in the past three months. Oasis's new shariacompliant property fund listed in November.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge