Bonatla Property Holdings subsidiary sells two companies for R21m

Posted On Monday, 04 November 2013 22:05 Published by
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Bonatla Properties sells Milestone Place Properties and Property 259 Properties to Polska Properties Direct in two separate transactions.

Niki Vontas

Bonatla Properties parent Bonatla Property Holdings (BNT) said cash flow was the main rationale for the sale‚ as the board thought keeping the companies would incur unnecessary holding costs and capital expenses.

The sales took effect on June 1 2013.

The purchase price for Milestone Place will be a maximum amount of R9m and for Property 259 Properties a maximum of R14m.

Shareholders were advised to continue to exercise caution in dealing in their shares until details of the pro forma financial effects of the disposals are released.

Last modified on Tuesday, 05 November 2013 08:54

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