SA Corporate Real Estate, whose shares have nearly halved in value compared to their 2017 high, says it has received buyout and merger offers from a number of suitors.
Earlier in 2019, Arrowhead Properties and Gemgrow Properties announced merger plans, while Fairvest Property Holdings and Safari Investments also say they are considering a “friendly merger”. The group’s board had established an independent board sub-committee to advise it on the proposals, it said. The board would also appoint corporate advisers.
SA Corporate’s board is looking for a new chair after removing Jeff Molobela from the position earlier in June. At the company’s AGM in May, only 55% of eligible votes were in favour of Molobela retaining his position as chair.
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