Talal Al Bahar, Chairman and Managing Director of IFA Hotels & Resorts (IFA HR), announced the reverse-listing of two South African subsidiaries onto the Johannesburg Stock Exchange (JSE Limited) main board under the banner IFA Hotels & Resorts Limited (IFA HR SA). The listing will take place tomorrow (Monday, February 27, 2006).
Talal Al Bahar said, “The recent listing of IFA HR on the Kuwait Stock Exchange and the subsequent listing of IFA HR SA on the JSE Limited provides a natural business catalyst for expansion into other international markets. This is part of the groups’ overall investment strategy to maximise shareholder’s profits.”
Through its listing on the JSE Limited, IFA HR SA has sold 12.5 per cent of its shareholding for a profit of KD5 million, valuing the company at approximately KD46 million.
Talal Al Bahar said that South Africa has emerged as an ideal investment opportunity in light of positive economic factors and an untapped property asset base. “Our investment in the South African property development sector reflects our confidence in the economy. Foreign shareholders of the global IFA group have expressed keen interest in participating in the luxury developments in South Africa”
Werner Burger, President and COO IFA HR, said “Through the two subsidiaries, IFA HR SA now owns the exclusive Zimbali Lodge on Kwa-Zulu Natal’s north coast and a 50% stake in the Zimbali Coastal Resort. The Zimbali integrated resort project jointly developed with Moreland Developments, which indirectly owns the remaining 50% interest, offers hotels, luxury residences, golf courses and leisure facilities. The rapid take-up of properties has prompted the joint venture to develop a 300ha extension, Zimbali Lakes, which will include a Gary Player signature golf course.”
IFA HR is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa.
Burger added, “Our expanding portfolio stretches around the world and includes the Sheraton Algarve in Portugal, The Fairmont Resorts on the Palm Island Jumeirah, The Kempinski Alabadiyah Hills in Lebanon and the Zanzibar Beach Hotel & Resort, Tanzania. Our vision of linking our resorts worldwide is one step closer through the listing of IFA HR SA and through the ongoing collaboration with our strategic partners such as the Kingdom Hotel Investment Group, Nakheel, Fairmont Hotels & Resorts and others.”
Talal Al Bahar concluded that the listing on the JSE Limited was a natural progression in the group’s investment strategy in the country and is intended to serve as a platform for IFA HR SA to enhance its profile. “The listing will enable our investors to gain exposure to high quality South African property assets, backed by the IFA group’s track record and expertise in resort development.”
IFA HOTELS & RESORTS – www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1.3 billion, IFA HR’s main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA Hotels & Resorts South Africa is also listed on the Johannesburg Stock Exchange as of February 27, 2006.
IFA HR projects and investments in Dubai include The Fairmont Palm Hotel & Resort, the Fairmont Palm Residence (www.fairmontpalmresidence.com), the Crescent Resort on the Palm Island (to be managed by Fairmont Hotels & Resort), The Palm Residence (Al Nabat and Al Haseer), the Palm Golden Mile (www.thepalmgoldenmile.com) and the Movenpick Hotel & Residence Laguna Tower Dubai (www.lagunatower.com). IFA HR’s other projects are the Kempinski Alabadiyah Hills in Beirut (www.abadiyahhills.com), a shareholder in the Four Seasons Hotel in Beirut, the Zanzibar Beach Hotel & Resort (www.zanzibarbeachresort.com), the Zimbali Coastal Resort & Zimbali Lakes (www.zimbali.co.za), the Zimbali Lodge (www.zimbalilodge.co.za), the Fairmont Zimbali (www.fairmontzimbali.com), shareholder in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com) and in YOTEL (www.yotel.com), which owns two YOTEL hotels in Heathrow and Gatwick, United Kingdom. IFA HR is also the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (Portugal) (www.pinecliffs.com), part of Starwood’s Luxury Collection.
Globally, IFA HR have entered into strategic alliances and Joint Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, Savills (United Kingdom), a strategic alliance with RCI (part of the Cendant’s Group) and Moreland Developments (Pty) Ltd (South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA – Residences
• IFA – Travel & Tourism
This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
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