Business | Property

South Africa's Acc-Ross buys Pinnacle for $206m

South African property firm Acc-Ross Holdings said on Friday it would buy Pinnacle Point Holdings for 1.76 billion rand ($206.8 million) by issuing new shares.

  • Agencies
  • Published: 19:44 October 3, 2008
  • Gulf News

Johannesburg: South African property firm Acc-Ross Holdings said on Friday it would buy Pinnacle Point Holdings for 1.76 billion rand ($206.8 million) by issuing new shares.

The company said it would issue more than 2.7 billion shares at 65 cents per share in what amounted to a reverse takeover, boosting its own stock about 3 percent.

As part of the transaction, Acc-Ross will also issue 400 million shares at 50 cents each to Rakeen Development PJSc, a property development firm based in the UAE, which would become a strategic partner in the new group.

"It is intended that the businesses of Acc-Ross and the Pinnacle Point Group will be merged in order to exploit the benefits of the complementary property development portfolios," Acc-Ross said in a statement.

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