Aquisition of CB Richard Ellis finalised (19-06-07)

ZIMBABWE stock exchange listed property concern, Dawn Properties, has finalized the acquisition of real estate company, CB Richard Ellis, with the latter expected to contribute 50% of the group’s profits in the short run.
In a statement seen by The Zimbabwean, Dawn said: "The company has a

capacity to generate foreign currency through a 100% owned Botswana subsidiary, a 20% shareholding in CB Richard Ellis Kenya and a 30% shareholding in CB Richard Ellis Uganda.”
The company also said it had purchased land in Marlborough (Harare) and contractors were completing the servicing of 67 stands purchased together with the undeveloped land.
“Sales were up 3 455% to Z$301 million mainly due to commission income from CB Richard Ellis. Our fair value adjustments have increased by 4,819% to Z$88,8 billion resulting in operating profit increasing by 4,814% to Z$88,9 billion for the six months to September 30 2006,” Dawn said.
Dawn was listed on the Zimbabwe Stock Exchange (ZSE) in 2003 following approval by Zimsun Limited shareholders for the unbundling of the latter’s hotel property interests into Dawn.
The firm’s key function is to carry on the business of property investment and management encompassing the acquisition, supervision and development of properties as well as the management of the associated investments, trades and businesses carried on in connection therewith.

Post published in: Economy

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