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Date for Hyprop, Attacq deal is extended yet again on regulatory hurdles

Ikeja City Mall in Nigeria.

Ikeja City Mall in Nigeria.

Published Jul 5, 2022

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Property firms Hyprop Investments and Attacq both yesterday informed their shareholders that the date to implement the disposal of Ikeja City Mall in Nigeria had once more been extended due to regulatory hurdles.

“Shareholders are advised that a merger application has been submitted, the outcome of which remains pending. The parties have accordingly agreed to extend the longstop date to implement the transaction to 31 December 2022,” the firms said.

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On April 1 the longstop date to implement the transaction was extended to June 30 due to the ongoing US dollar liquidity constraints in Nigeria.

However, the parties remained committed to the transaction, hence it was agreed to proceed with a fully compliant merger application to the Federal Competition and Consumer Protection Commission of Nigeria.

By 4.26pm Attacq’s shares were 2.61 percent higher at R5.51, while Hyprop’s shares fell 0.51 percent to R33.15.

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