Intu Properties shares suspended from London and Johannesburg stock exchanges

The suspension is a result of discussions with shareholders about debt standstill reaching no conclusion.

Intu Properties has been suspended on the London and Johannesburg stock exchanges.

On Friday, 26 June, Intu said that discussions with shareholders about a debt standstill had achieved insufficient alignment and agreement from shareholders. 

The company has debts of more than R95.74 billion, which it has struggled with for the past year and has attempted to reduce with asset sales. 

The group has had to deal with ongoing Brexit uncertainty, which lowered UK commercial property values, as well as lower rent payments from retail tenants as a result of Covid-19. 

The group said, however, that the suspension of its ordinary shares does not affect the listing and trading of its listed debt securities, and no application has been made for the suspension of listing or trading of such securities.