Rebosis Property Fund, controlled by Eastern Cape real estate entrepreneur Sisa Ngebulana, plunged the most in three months after reporting its first dividend cut since listing in 2011. Rebosis said it would cut the dividend for the six months to June by as much as a quarter compared with a year earlier, citing what it called the negative effects of once-off accounting items on its income. The firm has suffered with its peers across SA as a weakening economy has meant many retailers have struggled to grow sales. About half of Rebosis’s exposure is to shopping centres.

Stats SA economic data released last week showed retail sales growth slowed from 1.9% year on year in May to 0.7% in June. Rebosis has also seen its investment in UK retail weaken as perceptions about how the Brexit process will unfold have sent valuations there down. Rebosis’s 30% interest in New Frontier Properties, a UK mall owner, is worth about R1bn, which is about 5% of its non-current assets. Rebosis’s sha...

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