Grit cuts Letlole stake after shareholder fallout

On the ground: Letlole la Rona owns numerous well known properties, including the Watershed Piazza in Mahalapye, one of its single most valuable assets PIC: LETLOLE.COM
On the ground: Letlole la Rona owns numerous well known properties, including the Watershed Piazza in Mahalapye, one of its single most valuable assets PIC: LETLOLE.COM

Pan-African real estate group, Grit Services Limited, has offloaded millions of its shares in Letlole la Rona, cutting its stake from 25 to 18.3%, after a recent heated Annual General Meeting (AGM) where investors clashed over strategic control of the local property firm.

Letlole la Rona, whose portfolio features industrial, retail, office and residential properties around Botswana valued at P1.21 billion, held an AGM in December. Grit however tried unsuccessfully to adjourn the meeting, citing “an urgent, significant and material matter” requiring the board’s attention before the AGM.

The failed bid was the latest sign of shareholder tensions in Letlole, in which Grit, a Mauritius domiciled entity with roots in London, at some point held 30% equity, second only to founding shareholder, the Botswana Development Corporation (BDC) with 40%.

Editor's Comment
Tighten the law on drug dealers

Our youth are perishing; their once hopeful bright future is going down the drain; all because of illicit drugs.It is very easy to blame the addict, but it is not as simple as that! Drug dealing is a very lucrative business for some shameless people amongst our society and as such they have come up with tight strategies on how to push their business.Drug addiction is bad, and while the individual on drugs sometimes might have been the one who...

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