28th Jul 2015 12:09
LONDON (Alliance News) - South African Property Opportunities PLC Tuesday said it has agreed to sell the African Renaissance Project for ZAR70 million.
The ZAR70 million is a 27% discount to the current carrying value of the property, South African Property Opportunities said.
"This discount reflects the difficult macro-economic conditions prevailing in South Africa coupled with protracted delays of electrical supply and an unresolved land claim on the African Renaissance property," the company said.
All excess cash will be returned to shareholders as soon as possible, the company added.
By Samuel Agini; [email protected]; @samuelagini
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