"JSE-listed IFA Hotels & Resorts on Wednesday said it had received a firm intention from Kuwait-based IFA Hotels & Resorts KSCC to acquire the issued ordinary shares in the capital of IFA Hotels & Resorts it did not already own.
IFA Hotels and Resorts, based on the north coast of KwaZulu-Natal, is a subsidiary of IFA Hotels & Resorts KSCC — which holds 85% of its shares. The acquisition would result in the delisting of IFA Hotels & Resorts from the main board of the JSE.
“The intention is to convert IFA to a private company, subject to the provisions of the Companies Act, subsequent to the implementation of the delisting,” the company said. The offer would be implemented through a scheme of arrangement between IFA Hotels & Resorts and shareholders."
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