Proptec Residential Proprietary Limited and Lonny Enterprise Trading Proprietary Limited entered into an agreement MS5 Pennyville (Pty) Limited from Calgro M3 Holdings Limited (JSE:CGR) for ZAR 49.3 million on February 25, 2021. Under the terms of the transaction, consideration of ZAR 49.3 million is payable as ZAR 38.8 million in respect of the Sale Shares of MS5 Pennyville on or before May 31, 2021, and ZAR 10.5 million in respect of the Loan Claim Calgro M3 has against PZR Pennyville Zamamphilo Relocation Proprietary Limited on or before 31 January 2022. The proceeds from the sale will be used towards (i) working capital requirements on performing projects, (ii) debt settlement, and (iii) possible further share buy-backs at levels management deem a material discount to not only intrinsic value but also balance sheet and tangible asset value.