Letlole hunts for deals with proceeds of Cresta sale
Friday, October 04, 2019
Letlole sold its hospitality portfolio to Cresta this year
LLR shareholders approved the deal earlier this year, under which the property group sold President Hotel, Cresta Lodge, Thapama Hotel and Cresta Bosele to Cresta.
The deal sailed through despite the sale amount representing a 7.7 percent discount on the value of the four properties, which was pegged at P254.7 million in December 2018.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...