MEIKLES says the anticipated upside potential of its 2012 merger with Mentor Africa Proprietary has not been realised.
The group announced in March that its investment vehicle in the project — Cape Grace Investments — had accepted an offer for its 35 percent interest in the entity.
The group has now laid out the rationale of the transaction; “to redeploy the capital to sectors with higher prospects of returns.”
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In 2012, Meikles acquired Cape Grace Hotel, a “high-end” property in Cape Town, for US$20 million
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