Shareholders of listed gaming and leisure group Moribo Leisure (MRB) have approved the ordinary and special resolutions required to allow the company's 105 million rand reverse takeover by Kuwait property developer IFA Hotels & Resorts, the group says.

Under the agreement between the two companies, originally unveiled in September, Moribo will change its name to IFA Hotels & Resorts. IFA will own the well-known Zimbali Lodge, operated by Sun International (SUI), and a stake in the Zimbali resorts developments.

Moribo plans to make a further announcement confirming the relevant implementation dates for the transaction shortly.

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Publisher: I-Net Bridge
Source: I-Net Bridge