Safari board shenanigans prompt harsh words from suitor
Private group Comprop says Safari’s board must let its shareholders consider a R1.8bn cash offer
A fight around the takeover of mall owner Safari Investments has again placed the spotlight on corporate governance in the listed real estate industry, at a time when the sector is still reeling from the Resilient property stable scandal.
The latest saga is likely to dent confidence in listed property as it tries to recover from 2018, its worst year in memory. More than R120bn was lost after a sell-off of shares in the Resilient group of companies, which were later cleared of any wrongdoing. The sector lost 25.26%, including capital growth and dividends, but it has shown some signs of recovery so far in 2019...