Daily Maverick 168 weekly newspaper.
It has been a horrific turn of events for Delta Property Fund and Rebosis Property Fund, two of the biggest black-run companies on the JSE’s real estate sector, which is worth more than R200-billion.
Shareholders have watched the value of their Delta and Rebosis investments implode recently as both companies lurch from one extreme crisis to another – ranging from shocking governance problems to overall bad management decisions.
Delta shares, the trading of which has been suspended by the JSE (more on this later), tumbled by 51% in 2020, wiping R257-million off from its market value. Rebosis has also felt the sting of unforgiving shareholders as its B shares fell by 31%, shaving R69.9-million off its market value. Unfortunately, the value destruction for shareholders hasn’t ended there but has continued into the early days of 2021.
Businessman Zunaid Moti says the Amatolo Family Trust – the major shareholder in Rebosis and sole shareholder of the Billion Group, headed up by Sisa Ngebulana – owes him R125 million for shares he bought and then sold back to it.