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
Routine child vaccination imperative

The recent Vaccination Day in Motokwe, orchestrated through collaborative efforts between UNICEF, USAID, BRCS, and the Ministry of Health, underscores a commendable stride towards fortifying child health services.The painful reality as reflected by the Ministry of Health's data regarding the decline in routine immunisation coverage since the onset of the pandemic, is a cause for concern.It underscores the urgent need to address the...

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