Rebosis Property Fund has autumn clearing to do
Once the darling of black-owned and managed property companies, the company's management has its work cut out to win back investors
Rebosis Property Fund, which in 2011 became the first black-managed and substantially black-held property company to list on the JSE, has seen its share price plunge nearly 81% in a year. On Thursday the company founded by its CEO Sisa Ngebulana, was trading at R1.52, sharply down from R8.15 on April 17 2018. Analysts put the price collapse down to a slew of reasons, including sudden changes in the company’s executive and high debt levels. In June 2017 Ngebulana announced he would leave his CEO role at Rebosis at the end of September. He was replaced by Rebosis board member Andile Mazwai who was handpicked by Ngebulana for the CEO job. However, his tenure suddenly ended when he resigned in April 2018.
Mazwai had wanted to change the company’s direction so that it would own higher quality offices, retail and also try to take over Texton Property Fund. This was very different from Ngebulana’s strategy of becoming a retail-focused fund. Ngebulana returned to the helm a month ...
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