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Grit lost P47m in Letlole exit

New horizons: Letlole has several well-known assets in Botswana. The group is banking on Africa for its next phase of growth PIC: LETLOLE.COM
New horizons: Letlole has several well-known assets in Botswana. The group is banking on Africa for its next phase of growth PIC: LETLOLE.COM

Pan African firm, Grit Services Limited, says it lost a total of $3.5 million (P47 million) when it divested from local property group, Letlole la Rona (LLR), through a series of on-market sales transactions earlier this year.

Grit sold its 70.3 million shares, which represented 25.1% equity in Letlole, in four open market transactions on the Botswana Stock Exchange (BSE) between January and June. Each of the four transactions squeezed LLR’s share price down, from P3.48 at the time of the first sale, to P2.50 at the last.

In the year to October, Letlole la Rona was the worst performer on the BSE’s Domestic Companies Index, having shed 25% in its share price over the period, compared to an increase of 21.6%% over the same period last year.

Editor's Comment
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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