Nova has sold more than half of its investment properties
The Nova Property Group continued to sell its investment properties during its latest financial year, and only 11 of the 28 properties it inherited from Sharemax remain in the portfolio today.
Nova’s latest annual financial statements (AFS) (for the year ended February 29, 2020) shows Nova sold three properties for R79.5 million during the particular period. The company also sold two additional properties after the year-end.
This is concerning as Nova’s auditor, Mkiva, qualified the AFS and expressed its concern as to whether the company can continue to operate as a going concern because the company is seemingly using the cash proceeds of the sale of “capital assets” to fund operational expenses.
It was the third consecutive year that Nova’s auditors had qualified the financials and expressed concerns that material uncertainty exists for the company to continue to operate as a going concern.
Read more article on Moneyweb News
Comments