AECI‚ Hong Kong firm in property deal valued at over R1bn

Explosives and chemicals company AECI (AFE) said on Monday it had reached an agreement with the Hong Kong-listed Shanghai Zendai to sell its surplus property assets in Gauteng for just over R1bn.

The deal‚ which is subject to the fulfillment of conditions precedent‚ comprises the disposal of approximately 1.6 hectares of land from AECI and two of its subsidiaries‚ Heartland Properties and AECI Real Estate.

Shanghai Zendai is an investment holding company focused on developing‚ investing in and managing residential and commercial properties mainly in China.