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South African exchange OKs Attacq's REIT conversion

South African property company Attacq Ltd. gained consent on its proposed conversion into a real estate investment trust from the Johannesburg Stock Exchange, effective May 29.

The JSE-listed company reiterated its plan to pay a maiden distribution worth 73 South African cents per share for the 12-month term ending June 30, in October.

Attacq earlier projected an annual distribution growth of 20% for the next three years.

As of May 29, US$1 was equivalent to 12.63 rand.