Trading in Bonatla shares halted

Posted On Wednesday, 24 January 2007 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Shares in South African property group, Bonatla (BNT), were halted on the JSE on Tuesday afternoon following the publication of an article with "price sensitive" information.

Bonatla propertiesIn a statement issued through the Stock Exchange News Service on Tuesday afternoon, Bonatla shareholders were referred to an article published in the Business Day newspaper on Tuesday and its full year results published at the end of December, wherein the company referred to the fact that certain transactions were in the process of being finalised and that shareholders should continue to exercise caution when dealing in their Bonatla shares.

"Although an agreement has been signed with Renong Overseas Corporation (SA) (Pty) Limited relating to a transaction at the Durban Point, the agreement is still subject to certain conditions precedent, and has as yet not been finalised," the statement said.

Bonatla said it had attempted to prevent Business Day from publishing the article.

"The article contains price sensitive information and therefore, due to the fact that no official announcement has yet been released relating to the transaction, the JSE has decided to halt the trading in Bonatla shares until a formal announcement has been made by the Company," it said.

Business Day reported that Bonatla, assisted by former director Niki Vontas, is on the verge of signing a deal that will see it effectively buy half the shares in the Durban Point Development for R150 million, allowing Malaysian company Renong to withdraw from South Africa.

The sale agreement, in Business Day's possession and dated January 8, shows that the deal is structured in such a way that Renong will sell its entire investment in Renong SA, whose main asset is 80,4% of a company called Rocunion to Bonatla, it said.

Rocunion owns 100% of Rocpoint, which in turn owns half of the Durban Point Development Company, which stands to make a lot of money from the reinvigoration of the Durban port area.

Business Day noted that the transaction, as well as others by Bonatla, is in the final stages of being thrashed out and is expected to be announced to shareholders in the next few days, although the deals are still subject to various approvals.

Prior to the halting of trade, Bonatla's shares were at 26 cents - unchanged from their previous close.

Last modified on Saturday, 26 April 2014 16:44

Most Popular

Equites Property Fund’ prime logistics portfolio delivers exceptional returns

May 04, 2022
Andrea Taverna-Turisan
Equites Property Fund Limited today announced growth in its distribution per share of…

When is eviction legal? All you need to know about dealing with problem tenants

May 04, 2022
Buying an investment property is great, especially when you’ve chosen a good location.…

Steilloop Shopping Centre makeover exceeds customer needs

Apr 22, 2022
Rural Limpopo's Steilloop Shopping Centre was bought by developer, GMI Property Group…

Deadline looms for energy performance compliance for commercial buildings

Apr 25, 2022
Energy certiticate
By 7 December 2022, commercial properties in specified sectors must have obtained their…

First quarter Rode’s Report raises doubts over the Sectional Titles Schemes Management Act

Apr 25, 2022
Default Image
The latest issue of the Rode’s Report has brought into question the practicality of the…

Please publish modules in offcanvas position.