Property company Bonatla has put on hold the acquisition of Tiffindell Property Investments (Tiffski), which owns the Tiffindell ski resort near Rhodes in the Eastern Cape.

The company said the acquisition of Tiffski was conditional on a satisfactory due diligence being completed on the acquisition.

At present insufficient financial information was available to Bonatla and the transaction had been put on hold pending the availability of such information, it said. Bonatla had planned to buy the company for R120-million, less debt, subject to the completion of a due diligence.

In addition, Bonatla said it would now buy the assets of VLC Industrial and Commercial Property, rather than the company itself, because it was “impractical” to acquire VLC directly, as was the initial agreement.

It was reported recently that phase one of a multi-million-rand upgrade to turn Tiffindell, South Africa‘s only ski resort, into an all-year family holiday destination would now start in September. The R400-million expansion was initially scheduled to start in January.

Tiffindell Ski SA, the previous owner of the resort, sold its interest to TiffSki in June last year for an undisclosed amount.

Additional slopes would see Tiffindell boast 10km of ski runs with substantial chair-lifts.

Adventure sports, including extreme sports, would be introduced to make Tiffindell an all- year-round family holiday resort.

Additional reporting by I-Net Bridge

Source: I-Net Bridge