Golf estate, residential and leisure property development group Acc-Ross Property Holdings is planning to pursue development opportunities in other African countries.

The company, which listed on AltX last Thursday, said in its listing prospectus that Accretio Property Development, a wholly owned subsidiary of Acc-Ross, owned 100% of the shareholding in Comuine Golf Estate, which would develop the Comuine Coastal Resort in Vilanculos, Mozambique.

Acc-Ross said the Comuine Coastal Resort was about 700km north of Maputo on the coast opposite Bazaruto Island.

The resort would incorporate a golf course designed by South African golfer Retief Goosen in association with the DDV Design Group and comprise 415 residential and fractional ownership units with an additional 125 timeshare opportunities. The land for the resort was acquired in terms of a 99-year lease.

Management said the company would explore opportunities in other African countries such as Ghana.

Meanwhile, Acc-Ross's share price has stabilised after the initial volatility it experienced on listing. It plunged 50% in value from R1 to 50c soon after listing. Acc-Ross' designated advisers, Arcay Corporate Services, attributed the plunge to "mischievous trading".

On Friday more than 500000 shares were traded at prices ranging from 104c to 140c, with the stock closing at 101c. The high of 140c was 20% more than the initial listing price. The company issued a warning on Friday, saying it had been approached by various parties "regarding opportunities of a similar nature" to the existing developments in its property portfolio.

These projects were being reviewed by the company, Acc-Ross said.

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