On Friday morning, creditors of the Rebosis Property Fund approved the company’s business rescue plan.
“The creditors adopted the plan at the creditors’ meeting, and we will now have a mandate to implement the plan,” Rebosis Property Fund business rescue practitioner Phahlani Mkhombo told Sunday World.
Mkhombo’s company, Genesis Corporate Solutions, is a joint business rescue practitioner of Rebosis along with Jacques du Toit of Du Toit Business
Rescue. He said the joint business rescue practitioners would notify Rebosis creditors next week regarding the result of the creditors’ meeting.
The business rescue practitioners will also post a notice on Rebosis website, and the business rescue practitioners will also make an announcement on the JSE’s stock exchange news service.
“The announcement will be made next week,” Mkhombo said.
The JSE suspended trade in Rebosis shares in August last year when the company’s board decided to hand the company over to business rescue practitioners due to the real estate company’s financial distress.
When the company was suspended, it last traded at a share price of 16c, down from R13.25 in February 2017.
Earlier this month, the business rescue practitioners issued their rescue plan, which warned that they might have to cut jobs to save the company, which
employed about 200 people in 2021.
The founder of Rebosis, property mogul Sisa Ngebulana, owns almost 29% of Rebosis A shares and 16.2% of the company’s ordinary shares. He set up the Rebosis Property Fund in 2010 and listed it on the JSE in May 2011.
The company mainly owns office and retail properties but also has industrial property in its portfolio. When it went into business rescue last year, Rebosis had a portfolio of 43 properties.
It owns several shopping centres including the Baywest Mall in Port Elizabeth, the Bloed Street Mall in Pretoria, the Forest Hill City shopping centre in Tshwane, the Hemingways Mall in East London and the Sunnypark Shopping Centre in Pretoria.
For the year ended August 2021, the last completed financial year that Rebosis reported on, the company sustained a loss of R291-million compared to a profit of R109-million for the year ended August 2020.
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