March 25, 2004

By Edward West

Cape Town - Nedcor yesterday took another step forward in its strategy of divesting itself of non-core assets, when it entered into an agreement to sell Century City, its property, construction and development business, to the Rabie Group for R118 million.

The Rabie Group will acquire all the undeveloped land and associated development rights at Century City. Transfer is expected in the next few months. 

Nedcor retains options on joint ventures with Rabie and will be given opportunities to finance future developments.

Nedcor's share price rose 3 percent to R63, outstripping the local bank sector index.