Management buy-out at Colliers

Colliers SA (COL) has accepted an offer from Reccared Prankir Fertig, Wayne Peter Alcock, Ian Kenneth Setzkorn and Bernard William Kaiser, all of whom are executives of the group, to acquire, by way of a management buy-out, all of Colliers SA's non-core subsidiaries, being the service companies and properties held for sale, within the CSA Group.

The offer is for a purchase consideration of R1.25 million.

“The disposal would result in CSA being a purely commercial property focused company with industrial and retail property investments in Elsies River and Hout Bay in the Western Cape,” the company said on Monday.

The board was of the opinion that the disposal would facilitate the long term growth of the group as management's attention would not be misdirected to loss making businesses.

“The re-alignment of the group's business strategy into a focussed property owning entity is also expected to facilitate future acquisitions by CSA of income producing properties,” the group added. - I-Net Bridge

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