Listed investment company Trematon Capital Investments has applied for the voluntary winding up of listed property loan stock company Shops For Africa to be set aside.

If it is successful in its application, Trematon plans to procure a minimum of R28m as a capital injection into Shops For Africa and use it as an investment company.

Trematon made its application in the high court on August 31. Trade in the linked units of Shops For Africa has been suspended since May 24 2004 pending the voluntary winding up of the company.

At the time, Shops For Africa had sold most of its property portfolio to SA's second-largest listed property loan stock group, ApexHi Properties.

Shops For Africa owns some residual assets in the form of ApexHi units and cash.

During the course of the liquidation of Shops For Africa, Trematon acquired 75,8% of its issued share capital of Shops For Africa in several transactions.

Trematon CEO Arnold Shapiro said on Friday that Trematon was a company that invested in a variety of areas, including listed and unlisted equities.

One of Trematon's "major assets" was an offshore minority investment in Intec Telecom, a UK-listed telecom software company, said Shapiro.

He said Trematon had acquired its 75% interest in Shops For Africa from various historic shareholders, which were mostly institutions.

"First, we have an application to set aside the winding up of Shops For Africa. The process should be completed by the end of the month," said Shapiro.

After control had been vested in Trematon, the company planned to use Shops For Africa to "make further investments".

Trematon will also apply to have the suspension of Shops For Africa shares lifted and the company reinstated as an investment entity on the main board of the JSE, he said.

"We have a menu of opportunities available and at the right time we will use the company to the best advantage for shareholders," said Shapiro.

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