IFA Hotels and Resorts receives takeover offer from Kuwait’s KSCC
IFA Hotels & Resorts (IFH) on Wednesday said it had received a firm intention from Kuwait-based KSCC‚ a public property investment company‚ to acquire all the issued ordinary shares in the capital of IFA‚ save for the IFA shares held by IFA KSCC.
The offer will be implemented by way of a scheme of arrangement between IFA and its shareholders.
The implementation of the scheme will result in the delisting of IFA from the JSE.
“The intention is to convert IFA to a private company‚” the company said in a statement on Sens.
The offer price is 20c per scheme share. It represents a 66.67% premium to the 12c closing price of IFA shares on May 28.
Developments in which IFA has been involved include The Palms in Dubai and Zimbali Coastal Resort in South Africa.
IFA issued a cautionary notice about a possible delisting on May 13. That followed the end of talks that the company had announced in February.
