Durban - Billionaire businessman Vivian Reddy wants to share his wealth with the people of South Africa.
On Tuesday Reddy announced that the public would be able to buy shares in the Raddison Blu Hotel which will be built at his Oceans development in uMhlanga Rocks.
He called on other business leaders to follow suit.
Reddy is offering shares for only R20 with a minimum investment of R1 000.
Shares worth R2 billion will be made available.
“It gives me the greatest pleasure to see even a domestic worker taking her family to this world class five star hotel and proudly say I am a shareholder.
“Some of my business colleagues questioned my actions of giving away such substantial future wealth and my response to them was, ‘we as the successful business people of SA cannot live in a castle and forget all around us. We must share and that’s what real success is all about. I believe that the business of business is goodness'.”
Although applications open only on January 23, interested investors and their financial advisers have from today until December 22 to reserve a place in the investment queue by completing and submitting an Expression of Interest form.
Reddy said this was important, as applications for subscription in January will be allocated on a “first come, first served” basis.
Oceans uMhlanga is a double award-winning mixed-use project situated on a prime 7ha commercial site.
“It won the International Property Award in Best Mixed-Use Architecture in Africa, and Best Mixed-Use Development in Africa.”
Download forms at Oceans uMhlanga websites: www.oceans-umhlanga.co.za or www.oceansinvestments.com.
* The headline of a previous version of this story on IOL misrepresented the facts. The IOL team apologises for the error.