Monex plans fail

Posted On Friday, 04 May 2001 03:01 Published by
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PROPERTY company Monex's plans to recapitalise through the sale of a 14% stake in Century City Centre for R100m have failed.

PROPERTY company Monex's plans to recapitalise through the sale of a 14% stake in Century City Centre for R100m have failed as a result of collapse of the disposal deal with property loan stock company Richway Retail Properties.

Monex announced yesterday that 'Richway has not been successful in raising the required funding and as a result the disposal will not proceed'. Monex will therefore retain its 33% share in Century City Centre.

Richway committed itself to the deal in December, saying it was part of its strategic objective in retail property.


Publisher: Business Day
Source: Business Day

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