This concludes the restructuring of Aventura, which initially consisted of 15 holiday resorts. Government sold three resorts in 2001 for R23-million and another four in 2002 for R32-million.
The Forever Siyonwaba Consortium is 70% owned by Forever Resorts, a US limited liability company owned and controlled by Rex Maughan. An international resort operator, the company operates 33 resorts worldwide, including five in South Africa.
The remaining 30% is owned by Siyonwaba Leisure, a 100% black-owned consortium, comprising the Izinyoni Consortium, the Research and Security Development Trust and the Siyonwaba Consortium, owned by black businessman Lesley Mkhabela.
In terms of the deal, the new owner had been asked to commit to a timetable to increase the empowerment shareholding.
Minister of Public Enterprises Jeff Radebe said government initially received 30 proposals for Aventura Resorts. Two bidders were shortlisted and Cabinet finally approved Forever Siyonwaba Consortium as the preferred bidder in May.
The consortium will take over the assets and certain liabilities of Aventura, which include Club Priv
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