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Cautionary announcement fuels speculation that embattled property counter could be delisted and âtaken privateâ. 10:28
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Zunaid Moti, a Joburg car dealership tycoon, is currently the biggest single shareholder in Rebosis Property Fund. Image: Moneyweb
Rebosis Property Fund â the debt-burdened real estate investment trust (Reit) with a sector-high loan-to-value ratio (LTV) of over 75% – saw its share price surge 34.78% on Wednesday, on news of a possible rescue deal being negotiated with unnamed local and foreign investors.
The stock closed at R0.31 per share, which amounted to a gain of just 8 cents per share on the day as it is now regarded as a micro-cap, with a market capitalisation of around R161 million.
Battle lines drawn as Rebosis saga drags on Citizen reporter
Businessman Zunaid Moti, Chairman of the Moti Group, poses for a photograph in his office in Sandton, 15 February 2021. Picture: Michel Bega Zunaid Motiâs voting rights were granted for the upcoming Rebosis AGM, in which he is owed R125 million by CEO Sisa Ngebulana’s Amatolo Family Trust.
The battle between businessman Zunaid Moti and Rebosis CEO Sisa Ngebulana continues, with two affidavits regarding the North Gauteng High Court matter now in the public domain.Â
Moti said in December last year he was owed R125 million by Ngebulanaâs Amatolo Family Trust.