Listed property company Bonatla Property Holdings hopes to have its suspension from the JSE lifted in the next two weeks.

The property company, which was suspended from the main bourse two years ago because it posted tardy and incomplete results, is now finally up to date with the relevant financial information.

Bonatla, which on Friday published its results for the year to last September, reported a reduction in headline losses for each share from 8,51c to 18,68c in the previous year.

The company is turning itself around after a shoddy performance over the years relative to its peers in the listed property sector.

Bonatla CEO Robin Rainier, who came on board in November 2004 to resurrect its fortunes, said that the company was now "solvent and liquid".

"We are squeaky-clean in terms of our last three audits," he said.

Rainier, a majority shareholder in Bonatla after one of his companies acquired a 56% interest in the group in 2004, had "rehabilitated" Bonatla over the past 15 months.

He said Bonatla was a shell company because it had sold off its entire property portfolio.

Rainier hoped to get the suspension lifted in the next two weeks, and there were plans for acquisitions and a black economic empowerment deal.

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