Turnstar seeks P300m for Mlimani expansion

According to the group’s managing director, Gulaam Abdoola, Turnstar proposes to fund the Mlimani City expansion through a mix of bank debt, internal cash reserves and the issue of up to $30million of dollar-denominated convertible bonds.

“The convertible bond offering forms part of the company’s strategy to deliver continued capital and distribution growth to its linked unit holders driven by asset management and portfolio enhancing developments,” he added.