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SABC to auction off property portfolio

The assets to be auctioned off include residential properties which are being leased to both SABC employees and non-employees.
Image: Moneyweb

The SABC said on Friday that it will issue notices of termination of lease agreements for its non-core properties and will sell these at an upcoming public auction.

The assets to be auctioned off include residential properties which are being leased to both SABC employees and non-employees. Termination notices will be issued effective 1 December.

Because the properties will be sold through a public auction, the public broadcaster said it will not be able to offer 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 Act,” it said.

“In an effort to accommodate the tenants, given that the festive season is upon us, the corporation also deemed it appropriate to extend the termination notice period beyond that of the lease agreements. Tenants will further be given all the relevant support during this time,” the SABC said in a statement.

‘Much needed’

“The disposal of non-core assets is part of the organisation’s turnaround strategy and target operating model to ensure that the business invests in relevant assets, which are in line with and focused on the core business of the public broadcaster,” said chief financial officer Yolande van Biljon.

“The selling of non-core assets will also assist in the much-needed cash injection, required for the SABC to become and remain financially sustainable”.

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

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

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They could start with Rocklands Villas behind the SABC in prime Sea Point which have been boarded up for more than a decade and which could be sold for more than R10 million.

Ratepayers got no satisfaction from the SABC in asking them to either sell or maintain this row of houses. How many more like this?

A perfect example of their incompetence.

Like all Parastatals, the SABC is bankrupt, much like the ANC and the entire useless Government

The comrades have run the country into the ground through incompetence and theft

In the not too distant future, the headlines will read “SA on auction” and the winning bid goes to

China..Africa’s new colonialists.. having taken over without firing a single shot

…used to be skeptical about China and its externalised intentions

But what options has Africa got? Western industrialised nations are pathetic; straight-jacketed by its history in Africa and bending the knee to extortion by reminders of its supposed guilt, to hand over vast amounts of money for forgiveness

..assistance in aid, running into trillions over the decades evaporatIng into political bank accounts

China is and excuse the pun ….vaccinated against the misery of so often served up by Africa As a whole

China could well be the panacea for Africa’s economic ills

COMMENT HELD FOR MODERATION
27 NOVEMBER 2020 @ 10:44 PM
…used to be skeptical about China and its externalised intentions

But what options has Africa got? Western industrialised nations are pathetic; straight-jacketed by its history in Africa and bending the knee to extortion by reminders of its supposed guilt, to hand over vast amounts of money for forgiveness

..assistance in aid, running into trillions over the decades evaporatIng into political bank accounts

China is and excuse the pun ….vaccinated against the misery of so often served up by Africa As a whole

China could well be the panacea for Africa’s economic ills

Well as much of SA; ja/nee. The lucrative property could go to ANC affiliates, or to a company prepared to pay kickbacks, for a song as you can be very sure this will not be an open and transparent auction for all. This the SA strategic oil stocks sale.

Wonder if the managers suffering at 209 Beach Road, Sea Point, Cape Town will give up their little waterfront palace? Must be worth a pretty penny

Yep … R5 million for a 3 bedroom flat in the redesigned project. Oh wait! That requires creative thinking, so cross that off the list.

And last week SAA auctioned off its cutlery and toilet paper. Nice. We are truly a nation of achievers. Tito Mboweni admitted that our economy has now shrunk back to the size it was at the end of apartheid.

Oh. Here we go. Sale and leaseback is another BEE Procurement corruption trap.

What a joke. What the hell are the SABC doing being landlords ? Stick to your knitting – then again, what do the SABC bosses know about broadcasting, the media or the news?

And are the rentals to employees market-related?

Amazing…

End of comments.

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