The group is the largest single foreign investor in KwaZulu-Natal tourism and the IFAHR SA's shares debuted at 4.50 rand each, giving the company a total market capitalisation on listing of just under one billion rand.
IFAHR Kuwait, which is listed on the Kuwait Stock Exchange with a market capitalisation of over US$1 billion, is an international developer of premier leisure hotels and mixed-use resorts worldwide.
IFAHR SA now owns the Zimbali Lodge on Kwa-Zulu Natal's north coast, rated by Condé Naste as one of the world's top hotels, and a 50% stake in the multi-million rand Zimbali Coastal Resort.
The Zimbali integrated resort project jointly developed with Moreland Developments, which indirectly owns the remaining 50% interest, offers hotels, luxury residences, golf courses and leisure facilities.
The rapid take-up of properties has prompted the joint venture to develop a 300 hectare extension, Zimbali Lakes, which will include a Gary Player signature golf course.
IFAHR SA last week released a trading update advising shareholders that the headline earnings and earnings for the six months to December 31 2005 are expected to be around 19 million rand.
This would mean that the pro forma headline earnings and earnings for the previous six months to June 2005, set out in the circular to shareholders at the end of last year, will be exceeded by between 54% and 63%.
"To date more than 87,000 jobs have been created in KwaZulu-Natal by our developments with an anticipated 43,000 to 85,000 new jobs to be generated by the Zimbali Lakes development depending on its size, powering transformation at grass-roots level," IFAHR SA Executive Director of acquisitions and developments Phillip de Sylva said.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
