Paraprop rejects BEE sale to Mvela

June 14, 2006

LISTED property loan stock company Paramount Property Fund (Paraprop) said on Friday that its proposed transaction with a new empowerment company led by Mvelaphanda had stalled due to shareholder resistance...

Paraprop announced in April it would sell a 26% interest to the empowerment company. But at a meeting last Friday, shareholders shot the deal down, much to the chagrin of management.

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