Property mogul and founder of Rebosis, Dr Sisa Ngebulana has backed his vision for the company in a R114 million transaction.
Prior to the start of the company’s closed period on the 1st of September, Dr Ngebulana has acquired just under 161 million of the company’s ordinary shares at 45 cents per share and a further 36.5 million A-ordinary shares at 115 cents per share to increase his overall stake in Rebosis to 31.26%. This makes him the largest shareholder in the company.
These transactions were done of-market through the Amatolo Trust of which Dr Ngebulana is a trustee and a discretionary beneficiary.
“Despite the macro-economy and property sector facing serious headwinds in the aftermath of the COVID-19 lockdowns, our asset base has proven resilient during this time. Our office portfolio, which consists of mainly government leases, maintained its defensive nature well, and has supported our retail operations where some rental assistance was required” comments Dr Ngebulana.
“Now is a very exciting time to be involved in property, 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”.
“As the largest shareholder in Rebosis, this transaction underscores my confidence in the future of the Company and I remain confident that our short-term challenges will soon be overcome as we slowly but surely address current challenges one at a time, with a clear vision and strategy.”
Founded in 2010, Rebosis listed on the JSE on the 17th of May 2011 with an initial portfolio of R3,3 billion which has since grown to R14.1 billion.
Rebosis is retail-focused real estate investment trust (REIT), with a high-quality government-tenanted commercial portfolio.
Rebosis owns large regional malls in Port Elizabeth (Baywest Mall), East London (Hemingways) and Centurion (Forest Hill City) as well as regional malls in Pretoria (Sunnypark & Bloed Street).
The company’s commercial portfolio includes 36 buildings, most of which are let to national government. The sovereign underpin shields the portfolio from political and economic volatility.