Roy Cokayne
BONATLA’S headline loss a share widened to 0.6c in the six months to June from 0.26c in the previous corresponding period, it said yesterday.
The property company, which is operating under a JSE-imposed suspension of trading in the company’s shares dating back to November 2012, reported a headline loss a share of 2.76c in the year to December.
The group’s suspension was prompted by unresolved queries linked to the referral of certain global financial reporting standards to the Financial Reporting Investigations Panel.
These pertained to Bonatla’s unqualified annual financial statements for the year to December 2009 and issues related to its acquisition of the portfolio of collapsed property syndication scheme Bluezone and the transfer of the bulk for the Durban Point Development Corporation.
Niki Vontas, the chief executive of Bonatla, said yesterday that the company was engaged in negotiations for certain disposals and acquisitions that were expected to be announced in due course.
Vontas said Bonatla had rationalised its property portfolio, which largely comprised B-grade properties with short leases and in non-strategic locations, because of the prevailing tighter economic conditions that continued to exert increasing pressure on the commercial property industry.
He said Bonatla had entered into agreements, which were previously announced, to significantly increase its portfolio with quality investments and developments, with the initial portfolio acquisitions to be completed next year.
Bonatla announced in May the purchase of a 75.1 percent stake in Namavect in a share-swap deal that would enable the company to participate in the development of a Kimberley diamond and jewellery hub in partnership with the Northern Cape government.
It also acquired 75.1 percent of Inqaba Trading Trust in a share swap that positioned the firm to participate in the development of 1 214 residential units in Pietermaritzburg.