Moribo used to operate, manage and invest in gaming, entertainment and leisure activities but it now has no active operations.
The company said on Friday that before the reverse takeover was implemented, Moribo would distribute all of the shares in its subsidiaries. It would also repurchase and cancel all shares held by the trust that governs the company's share incentive scheme.
After implementation of the deal, Moribo will hold all of the issued shares in IFA Hotels and be listed in the Leisure and Hotels sub sector of the JSE.
IFA Hotels invests in and develops land, apartments, hotels and timeshare resorts.
In 2003, IFA Hotels formed a venture with Tongaat-Hulett property arm Moreland Development to develop the Zimbali Coastal Resort and the Zimbali Lakes development on KwaZulu-Natal's North Coast.
The new group will house the Sun International-operated Zimbali Lodge and an equal partnership in the Zimbali resorts developments.
After the takeover, the group will develop tourism projects, hotels and resorts in SA to add to its existing initiatives in the Middle East, Europe, Africa and the Indian Ocean.
IFA Hotels & Resorts is a wholly owned subsidiary of Kuwait-listed International Financial Advisers, a company which has a global presence and a market capitalisation of more than $1 billion.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
