Rebosis Property Fund
Real estate investment trust Rebosis has entered business rescue following the board’s decision that the group is financially distressed in terms of the Companies Act, 71 of 2008.
The JSE has further granted the company its approval for the suspension of trading in its ordinary shares and A-ordinary shares with immediate effect.
Rebosis, which was founded by property magnate Sisa Ngebulana, has been struggling for several years, even before the Covid-19 financial fallout that hit the Reit sector hard.
Ngebulana resigned as CEO of the group last year, after announcing major disposal to try to save the group.
The deal was meant to be finalised this year, however, it failed to materialise.
A number of the Billion Group’s retail developments, such as Baywest Mall in Gqeberha and Hemingways Mall in East London, were sold to Rebosis several years back.
Rebosis says that the South African Reserve Bank’s indication of more interest rate hikes means that the best option, to ensure its survival, is to commence business rescue and implement a business rescue plan as contemplated in Chapter 6 of the Companies Act.
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