Bosasa HQ attracts a whopping R14m
BOSASA’s demise was sealed yesterday when its prized massive headquarters were auctioned off to a former security services competitor.
While African Global Operations (AGO), formerly Bosasa, has lost out on their luxurious company headquarters, another security company saw it as an opportunity to snap it up.
Fidelity Security Group yesterday bought the Luipaardsvlei, Krugersdorp, campus when it went under the hammer of Park Avenue Auctions.
The security company snatched the headquarters for R14 million. The headquarters features a large office park, offices, a restaurant and canteen, a warehouse and other buildings on an 8.2-hectare piece of land.
AGO applied for liquidation in February after banks announced they would be closing all of the company’s accounts because of corruption allegations.
The money from the auction will go towards repaying its debts to creditors and the tax authorities.
Last month, the Supreme Court of Appeal (SCA) found in favour of keeping the company in liquidation, emboldening the auctioneers, who had already started advertising the event.
AGO tried to reverse the liquidation but the SCA upheld an appeal by the provisional liquidators to keep the company in voluntary liquidation.
The other big sale of the day was the Lindela Repatriation Centre and Youth Development Centre – which was formerly run by AGO.
The facility situated on 26-hectares was sold for R60m. The repatriation centre accommodates over 6 000 immigrants while the youth care centre accommodates 5 000 young people aged between 14 and 18.
Another coveted buy on the second day of the three-day auction was the Rodcor copper mine which was sold for R11.5m. The mine boasts a production capacity of 32 000-tons per year.
On the first day of the auction items – mostly cars – that went under the hammer were sold for “approximately R16m,” according to Park Village Auctions head auctioneer Clive Lazarus.
These included a 2016 BMW X5 sold for R590 000 and a 2013 Porsche Cayenne sold for R500 000.
The auction, which is expected to raise about R65m, will close today.