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
Respect public institutions Mr Pres

Leaders must uphold the rule of law and ensure justice, but Masisi’s remarks raise serious concerns on the separation of powers and the independence of the justice system.Masisi’s claim that he personally instructed authorities not to handcuff Khama, regardless of the legal circumstances, undermines the principles of justice and equality before the law.As Head of State, Masisi should respect the judicial process and avoid interfering in...

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