It would sell its interest in Niveus Invest 20 Proprietary, the holding company of Niveus’ 41 percent stake in Alphawave Golf Proprietary, to HCI.
In addition, Niveus’s subsidiary, La Concorde South Africa Proprietary, would sell its interests in a portfolio of properties to subsidiaries of HCI, a statement said yesterday.
Alphawave is a start-up company that required capital investment for research and development.
“Having regard to Niveus’ available reserves, Niveus believes that it is a prudent time to accept the offer received from HCI for the shares in and loan claims in Niveus Invest 20.”
La Concorde previously owned and operated the KWV business, which was sold to Warshay Investments and the Vasari Group in 2016. Since then, La Concorde has predominantly held certain properties as investment properties, some of which are let to third parties. HCI approached La Concorde with an offer to acquire certain of the properties and property owning entities, which La Concorde accepted.
All the sales were subject to Niveus shareholder approval.
Alphawave develops radar tracking products in the golf industry.
The Niveus Group owns approximately 58 percent of the issued share capital of La Concorde, the assets of which consist mainly of interests in properties or property-owning entities, art and cash.