Turnstar Holdings CEO resigns

Barati Mathambo
Correspondent | Friday June 7, 2013 00:00

 

'I cannot say anything further but you can call Turnstar office. They will give you more detailed information as far as my resignation goes,' Motlhabane told Mmegi.Acting CEO Gulaam Abdoola confirmed Motlhabane's resignation but would not comment further, saying the board was still discussing issues pertaining to the CEO's resignation.

'At the moment, we are working on a press release that will be issued to media houses,' he said. Turnstar Holdings Limited chairman Moshe Lekaukau said he did not know about Motlhabane's resignation.Turnstar's portfolio includes Nzano Shopping Centre, Fairground Office Park, Mogoditshane Townhouses, Plot 63 Commerce Park, Supa Save Mall, Citroen House, Tapologo Estate, Turnstar House and Game City, the latter being Botswana's largest retail centre at around 51,000sqm.

For the year ended 31 Jnauary 2013, Turnstar earnings per share (EPS) for the group was up at 22.98 thebe per linked unit on the back of the recent acquisition of Island View and Mlimani Holdings Limited in Tanzania, which contributed significantly to the group's performance.

The group Net Asset Value (NAV) of P1.083 billion is attributed to the acquisition of Mlimani and revaluation of Botswana properties. Turnstar's abridged group financial results for the year ended January 31, 2013 showed that the subsidiary contributed P75.9 million to the total group revenue of P192.2million, representing 39 percent contribution.

Last year the company acquired all shares in Island View Ltd, an IFSC registered company duly registered in Botswana, which owns 100 percent of Mlimani Holdings Limited in Tanzania, which in turn owns Mlimani City, an investment property.The group's investment property went up from P623.49 million, representing 44 percent of the total group investment property of P1.4 billion. There was also an increase in cash by P13.5 million to leave the group cash at P82.9 million.