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IFA Hotels & Resorts (IFA
HR) is reverse-listing two South African subsidiaries onto the Johannesburg Stock Exchange (JSE Limited) main board under the banner IFA Hotels & Resorts Limited (IFA HR SA). The listing
takes place today, Monday, February 27, 2006.
Talal Al
Bahar, Chairman and Managing Director of IFA HR said, “The recent listing of IFA HR on the Kuwait Stock Exchange and the subsequent listing of IFA HR SA on the JSE Limited provides a natural
business catalyst for expansion into other international markets. This is part of the groups’ overall investment strategy to maximise shareholder’s profits.”
Through its listing on the JSE Limited, IFA HR SA has sold 12.5% of its shareholding for a profit of KD5 million, valuing the company at approximately KD46
million.
Talal Al Bahar said that South Africa has emerged as an ideal investment opportunity in light of positive economic factors and an untapped property asset base.
“Our investment in the South African property development sector reflects our confidence in the economy. Foreign shareholders of the global IFA group have
expressed keen interest in participating in the luxury developments in South Africa”
Werner Burger, President and COO IFA HR, said, “Through the two subsidiaries, IFA HR SA now owns the exclusive Zimbali Lodge on Kwa-Zulu Natal’s north coast
and a 50% stake in the Zimbali Coastal Resort. The Zimbali integrated resort project jointly developed with Moreland Developments, which indirectly owns the
remaining 50% interest, offers hotels, luxury residences, golf courses and leisure facilities. The rapid take-up of properties has prompted the joint venture to
develop a 300ha extension, Zimbali Lakes, which will include a Gary Player signature golf course.”
IFA HR is
engaged in the development of premier integrated and mixed-use hotel and
tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa.
Burger added, “Our expanding portfolio stretches around the world and includes the Sheraton Algarve in Portugal, The Fairmont Resorts on the Palm Island
Jumeirah, The Kempinski Alabadiyah Hills in Lebanon and the Zanzibar Beach Hotel & Resort, Tanzania. Our vision of linking our resorts worldwide is one step
closer through the listing of IFA HR SA and through the ongoing collaboration with our strategic partners such as the Kingdom Hotel Investment Group,
Nakheel, Fairmont Hotels & Resorts and others.”
Talal Al Bahar concluded that the listing on the JSE Limited was a natural progression in the group’s investment strategy in the country and is intended to serve as
a platform for IFA HR SA to enhance its profile. “The listing will enable our investors to gain exposure to high quality South African property assets, backed by the
IFA group’s track record and expertise in resort development.”
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IFA
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