IFA takes over Moribo

MORIBO Leisure Limited has acquired both IFA Hotels & Resorts and IFA Zimbali Lodge, subsidiaries of Kuwait-based IFA Hotels & Resorts K.S.C.C, in a reverse take-over that will enable IFA to be listed on the Johannesburg Stock Exchange. Moribo, which is a JSE-listed company, will change its name to IFA Hotels & Resorts Limited as a result. Jassim M Al-Bahar, chairman and managing director of IFA, explains: “The reverse take-over of Moribo, so enabling the listing of IFA entities, will create an ideal vehicle for both local and foreign investors to diversify their portfolio to either invest through the listed company or directly into the developments.” Al-Bahar added that the deal will enable the company to further invest in tourism opportunities in South Africa. “The natural progression for our overall investment strategy in South Africa was to list on the JSE. The listing will also provide for accelerated investment growth into new ventures.” The deal is reported to be worth around R105m. (Darren Sandras)