Rebosis Property Fund founder and CEO Sisa Ngebulana has launched a spirited fightback over the control of the company he listed on the JSE in 2011 as the first black-managed and substantially black-held property fund to be listed on the local bourse.
Ngebulana this week splashed out R144-million buying shares in the group and regaining his position as the company’s largest shareholder.
He has acquired just under 161 million of the company’s ordinary shares at 45 cents a share and a further 36.5-million ordinary shares at 115 cents a share to increase his overall stake in Rebosis to 31.26%.
The Companies Act stipulates that when a shareholder acquires 35% or more of a company’s shares they do not already own, they must make a mandatory to buy out minority shareholders.
“Now is a very exciting time to be involved in proper-
ty, as shifting fundamentals provide both risks and opportunities. I hold the courage and conviction that our plans are on a path of success for this business,” Ngebulana said.
“As the largest shareholder in Rebosis, this transaction underscores my confidence in the future of the company and I remain con dent that our short-term challenges will soon be overcome as we slowly but surely address challenges one at a time, with a clear vision and strategy.”
Rebosis has a property portfolio of more than R14-billion. Sunday World reported last week that business tycoon Zunaid Abbas Moti is making a play for Rebosis Property Fund after dethroning Ngebulana as the embattled company’s largest shareholder. Moti has aggressively been buying Rebosis stock in the past few months.
Makwe Masilela, chief investment officer at Makwe Fund Managers, said Rebosis’ R10-billion debt pile was largely due to failed expansions to offshore markets.
“As the company was trying to diversify its earnings from the struggling SA economy, it moved to acquire a stake in New Frontier Properties, a UK shopping mall owner and paid R1,2 billion in 2015, but among other things, Brexit too a toll and Rebosis couldn’t earn the hard currency it anticipated hence they ultimately sold it for less and incurred impairments,” said Masilela
