Sharing is Caring

Durban billionaire Vivian Reddy has made an annuncement last week that he wants to share his wealth with the people of South Africa.

Mr. Reddy annaunced last Thursday that the public will be able to buy shares in the Raddison Blu Hotel which will be built at his Oceans development in Umhlanga Rocks. He called on other business leaders to follow suit.

Vivian Reddy is offering shares for only R20 with a minimum investment of R1 000. Shares worth R2 billion will be made available.

"It gives me the greatest pleasure to see even a domestic worker taking her family to this world class five star hotel and proudly say I am a shareholder.

"Some of my business colleagues questioned my actions of giving away such substantial future wealth and my response to them was, 'we as the successful business people of SA cannot live in a castle and forget all around us. We must share and that's what real success is all about. I believe that the business of business is goodness'."

Although applications open only on January 23, interested investors and their financial advisers have from today until December 22 to reserve a place in the investment queue by completing and submitting an Expression of Interest form. Applications for subscription in January will be allocated on a "first come, first served" basis.

Recently the iconic R3.8bn Oceans Umhlanga development won two international property awards for the best mixed-use architecture and best mixed-use development category in Africa.

Zulu King Goodwill Zwelithini hailed the public offering as a good step in the right direction.

"The Oceans Hotel is a shining example of the developer's commitment to empowering people. I am very proud to be associated with this objective of offering shares in this fantastic hotel development to the public," he said. "As we all know, many people would not even dream of owning anything in the Umhlanga area."

The project is the brainchild of Durban Businessman Vivian Reddy, the owner and founder of Edison Power and Rob Alexander of Cactus Property Groups.

Reddy said the board would consist of Anna Mokgokong - a businesswoman who has sat on the boards of various listed companies, including Adcock Ingram, Rob Alexander, Judge Vuka Tshabalala, Professor Dilip Garach and Graham Wood among others.

"I have decided to act and address the criticism that business does not share its wealth. In effect I am giving away R2 bilion of our future wealth. To this end the 206 roomed Radisson Blu Hotel in Umhlanga Rocks will be offered at an affordable price whereby even a domestic worker will also be able to afford to buy the shares of R20 each."Said Mr. Vivian Reddy.

At the launch Mr. Vivian Reddy presented both his domestic workers with share certificates of R10 000.00 each. The much vaunted Oceans development will not only reshape the landscape of one of the most sought after tourist destinations in Africa. It will offer a massive boost to the regional economy and the national fiscus. The Radisson Blu Hotel Durban Umhlanga, is part of the highly successful Oceans Umhlanga Mixed-Use development. The project will create 15000 direct andindirect jobs during the construction, culminating in over 2500 permanent jobs after completion.

Also speaking at the launch as guest of honour, His Majesty King Goodwill Zwelithini kaBhekuzulu praised the programme. "Often people look at massive projects and think that they will never be able to visit them, let alone own a share. But this scheme opens a whole new environment to them. They can now be part of ownership and while it may not be a big share, it will allow them to make a start. Many people just need a push to get them going and this may just the stimulus to further involvement in the property market,"he said.