The Trilinear Empowerment Trust and and Absa have concluded a Sale of Shares Agreement in terms of which Absa will sell its entire shareholding of approximately 39% in Pinnacle Point to Trilinear for R150 million, it was disclosed on Tuesday.

This includes the shares it will subscribe for in Pinnancle in terms of an underwriting agreement.

The acquisition will result in Trilinear's shareholding in Pinnacle increasing to approximately 48.4%.

Meanwhile, Pinnacle has confirmed that it has been granted access to develop the site of the Lagos Keys project in Nigeria and that it has now received the Certificate of Occupancy for the site.

Absa Bank had extended the period for securing the outstanding approvals relating to the development of the Lagos Keys project to last Friday to remedy alleged breaches of the underwriting agreement concluded between Absa and Pinnacle in October last year.

Source: I-Net Bridge