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Sisa Ngebulana s Rebosis says it is in negotiations with investors for a possible transaction that could change its fortunes.
The company has been drowning in debt, sparking fears that it may soon go under.
Rebosis says if the negotiations go well, the transaction could fundamentally change its financial matrix.
It looks like the debt-laden Rebosis might be thrown a lifeline. On Wednesday morning, the property company founded by Sisa Ngebulana announced on the Stock Exchange News Service (SENS) that it is currently in negotiations with local and offshore institutions and pension funds for a possible transaction that could change its fortunes.
weekly newspaper.
Sisa Ngebulana believes that Rebosis Property Fund, the property empire he founded and listed in 2011 on the JSE, is being unfairly targeted. Rebosis has been buckling under the weight of a smothering debt load, which has forced Ngebulana to sell property assets to free up cash, and a share price meltdown, and some investors that have turned against the company. But Ngebulana says Rebosis is not the only company in SA’s property sector going through a rough time.
DM168 put some questions to Ngebulana about the plan to save Rebosis from collapse and the company admitting that it doesn’t pass the liquidity test in the short term. Ngebulana also reflects on his legal battle with Rebosis shareholder Zunaid Moti over the ownership of a block of company shares.
Rebosis shareholder claims annual meeting proceedings were irregular iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.