Mubasher: IFA Hotels and Resorts – South Africa, a fully owned subsidiary of Kuwait’s IFA Hotels and Resorts, has signed a joint venture (JV) agreement with Amdec, the owner of the trademark Eevergreen Lifestyle.

The JV deal covers the retirement product or plan at a total value of 3 billion South African Rand ($252.2 million), according to a bourse statement on Sunday.

Evergreen is the first national retirement brand in South Africa that offers a relaxed, social and enjoyable retirement lifestyle.

IFA Hotels clarified that this JV agreement will not impact the company’s income statements in the current time.