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
Bravo police for prompt action

It is also hurting that whilst we all know that the Botswana Police Service (BPS) is charged functionally with the duties to investigate all forms of crime, some locals have resorted to taking the law into their own hands. It is very wrong to do that. There is also a possibility that one may wrongfully take the life of a person in the process, unless it is a justifiable case of self-defence. Recently, in the city of Francistown, some locals found...

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