The UK’s impending withdrawal from the EU, the world’s richest trading bloc, has derailed another South African company, with Rebosis Property Fund reporting its worst set of results since listing seven years ago. Rebosis, founded by Sisa Ngebulana, the Eastern Cape property developer who built two of the largest shopping centres in the province — Hemingways Mall in East London and Baywest in Port Elizabeth — said struggles at its UK associate, New Frontier Properties, had worsened an already weak performance. A number of South African companies, including Brait and Famous Brands, which bought UK assets in recent years in a bid to diversify their earnings against SA risk have seen their UK investments turn sour, partly because uncertainty about Brexit has dented consumer confidence. Brexit uncertainty has caused the valuations of New Frontier’s properties to decrease significantly. Ngebulana founded New Frontier in 2014 and Rebosis, which he also heads, took a controlling interest i...

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