SABC will auction real estate portfolio



[ad_1]

The SABC said on Friday that it will issue termination notices for its non-essential properties and sell them at an upcoming public auction.

The assets to be auctioned include residential properties that are being leased to both SABC employees and non-employees. Termination notifications will be issued beginning December 1.

Moneyweb Insider
WELL-INFORMED PERSONGOLD

Black Friday Special
Get 15% discount in our annual subscription!
Offer valid from November 23 to 30, 2020.

Because the properties will be sold through a public auction, the public broadcaster said it will not be able to offer the right of first refusal to current tenants.

“This decision is part of the recommendations of the process undertaken in line with the Public Finance Management Law,” he said.

“In an effort to accommodate tenants, since the holiday season is upon us, the corporation also deemed it appropriate to extend the termination notice period beyond that of the leases. Furthermore, tenants will receive all relevant support during this time, ”SABC said in a statement.

‘Very necessary’

“The disposal of non-core assets is part of the organization’s restructuring strategy and the objective operating model to ensure that the company invests in relevant assets that are aligned and focused on the core business of the public issuer,” said CFO Yolande van Biljon.

“The sale of non-core assets will also aid in the much-needed cash injection necessary for the SABC to become and remain financially sustainable.”

The broadcaster did not say how many properties will be sold or how much it hopes to raise through the process. – (c) 2020 NewsCentral Media

This article was published with permission from TechCentral, the original publication can be viewed here.

[ad_2]