Johannesburg - Visual International, the AltX-listed property development firm, has sold 20 residential units in Stellendale Village in Kuilsrivier in Cape Town for R10 million.
It said last week that the units had been sold to Nikitas Vontas or his nominee. Vontas is the chief executive of JSE-listed Bonatla Property Group, which is operating under a JSE-imposed suspension of trading in the company’s shares dating back to November 2012.
Visual International said its board had decided to dispose of non-core assets to focus on the development of its larger projects and improve its cash flow.
It said the property was valued in Visual’s financial statements at R12.03m and a loss on disposal of about R2.03m would be incurred. The company said the units being sold generated an estimated annual rental income of R1.36m, which would no longer be earned by the company.
However, bond costs of R515 576 and other finance charges of R579 264 would similarly also no longer be incurred by the company.
BUSINESS REPORT