RMH, the property company in the process of monetisation of its assets, said yesterday it had sold a 33% stake in Milanick Properties for R50 million.
RMH’s 100% owned subsidiary RMH Property Holdco 4 (RMH4), owns 50% of Integer Properties 3, which in turn owned 33.3% of Milanick Properties. The shareholding was sold to Milanick’s existing shareholders.
Integer would apply the proceeds towards repaying RMH4 a portion of the disproportionate shareholder loan account.
RMH said this was a “positive move toward unlocking value for shareholders in terms of the RMH monetisation strategy”.
Earlier this year it was in a dispute with some of its minority shareholders following the disposal of its investment in Atterbury Europe.
For the year to March 31, RMH’s net assets fell to R1.42 billion from R3.91bn a year before, due to the disposal of Atterbury Europe, and a R1.97bn special dividend.