Mara Delta’s change of name to ‘GRIT’ approved by majority of shareholders

Bronwyn Corbett, CEO of Grit.
Bronwyn Corbett, CEO of Grit.

Shareholders are referred to the announcement dated 30 June 2017 relating to the proposed change of name of the Company from “Mara Delta Property Holdings Limited” to “GRIT Real Estate Income Group Limited”. The board of directors of the Company is pleased to announce that the ‘Change of Name’ was approved by the requisite majorities of shareholders at the closing date for voting on the written resolutions today.

The relevant finalisation announcement relating to the Change of Name including the Company’s new ISIN will be made in due course and will include the salient dates relating to the Change of Name.

The Change of Name and re-brand follow the Group’s disassociation with the consortium represented by the Pivotal Group (following the latter’s acquisition and delisting by Redefine Properties Limited), as well as the recent successful capital raise of US$121 million that introduced additional strategic shareholders to the Company.

Proceeds from the capital raise was utilised to settle assets under transfer and the acquisition of a stake in a property development company, resulting in total assets of approximately US$600 million.