white bar

SUBSIDIARY NAME

Kings Estate Development

COUNTRY

SOUTH AFRICA

SECTOR/ INDUSTRY

REAL ESTATE

OWNERSHIP %

70% IIB-DG

ACQUISITION DATE

August 14, 2022

ACQUISITION VALUATION

181.02 MILLION

TOTAL ASSET VALUATION

1.8102 BILLION

REAL ESTATE

Kings Estate Development by Pat Conway acquired on August 14, 2022.

The proposed Kings Estate Mixed Use Development situated on portions 1, 2,3,4 and 7 all on the Farm Wewe. The project includes the servicing and sale of various land parcels to third party developers, construction period is 43 months. Estimate total capital outlay on completion ext VAT $ 74 446 850.17. Note this estimated amount does not include the offer to acquire the project.

white bar