LLR presses on in Africa despite shareholder row

Grit Services which is LLR’s Africa expansion strategy partner, recently offloaded millions of its shares in the local group, cutting its stake from 25%to 18.31%. The pan-African real estate firm at some point held 30% equity in LLR, second only to founding shareholder, Botswana Development Corporation (BDC), with 40%.

Shareholder tensions boiled over in December when Grit tried unsuccessfully to adjourn the meeting, citing “an urgent, significant and material matter”. BusinessWeek has since established that shareholders were concerned about Grit’s control of the Africa strategy and its dominance of the board.