Ingenuity Property Investments (ING), a JSE listed company, has issued a total of 156.5-million for cash, which represents 14.9% of its issued share capital, giving a total of R125.2m- it said on Friday.
At an annual general meeting in January, Ingenuity shareholders approved a share issue.
As per said by the property investment and development company, the shares were issued at 80c per share, which represents an 8.8% discount on the 30-day volume weighted average price prior to October 22, 2013.
The company said that the proceeds would be used to decrease the existing borrowings and to increase the future opportunities for growth.
Now-a-days the company is on gaining path by choosing three additional properties of total R190 million.
This recent acquisition states its gaining of nine prime Cape Town properties for the Century City Property Investment Trust (CCPIT) and its partners with a total amount of R86m, whose transfer took place in September.
CEO of Ingenuity, Arnold Maresky said that the latest acquisition includes Tellumat Retreat, an 18 200 square metre commercial and high tech industrial development at 64 White Road Retreat for a total consideration of R124,5 million which is to be settled through a combination of R74.7m in cash and a
a vendor placement of 58 588 235 new Ingenuity shares at 85c a share.
The next property acquired was the Chamber House situated at 19 Louis Gradner Street, Foreshore, Cape Town for a purchase consideration of R18.5 million.
The third property acquired was the SARS building finalised at R47 million, whose transfer was expected shortly.
Considering all the acquisitions together brings the company’s portfolio of around R2.4 billion.
