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Letlole La Rona buys Mahalapye’s WaterShed Mall

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Public property investment company, Letlole La Rona (LLR) announced that the acquisition of WaterShed Mall in Mahalapye will provide it with an opportunity to diversify its retail portfolio and increase it to 25 percent. In a statement LLR states that it has entered into the sale agreement with Jus Posh Investment for the acquisition of the retail property, which includes all land, buildings and improvements of Watershed Piazza mall. “The transaction further provides LLR with a growth opportunity and will enhance the company’s earning and in turn improve distribution to unit-holders,” reads the statement.

The acquisition comes after the Competition Authority approved the purchase of Watershed Piazza mall by New African Properties (NAP) in November last year. Competition Authority Mergers and Monopolies Manager, Nomathemba Dladla said the Authority is currently assessing the acquisition by LLR. “In early December 2017, the parties informed the Authority that the deal did not go through as planned and a new partner had been established to take over the property.

Consequently, a submission was made in December 2017 where the Watershed Piazza Shopping Mall would now be acquired by Letlole La Rona. The Authority is therefore currently assessing the acquisition of Watershed by Letlole La Rona,” said Dladla. Jus Posh, the target enterprise, is a private company incorporated with limited liability in accordance with the Laws of the Republic of Botswana. Furthermore, Jus Posh are primarily speculators in the property business and had developed the property with the intention of selling it to an appropriate investor. The company is not in the business of long-term property investment. Jus Posh is wholly owned by Seloma Tiro, a Motswana.

The acquiring enterprise LLR is a public company listed on the Botswana Stock Exchange. Major unit-holders of LLR include Botswana Development Corporation Limited (BDC); FNB Botswana nominees (Pty) Ltd; Delta International Mauritius Limited; Botswana Public Officers Pension Fund (BPOPF) and FNB Nominees (Pty) Ltd. LLR portfolio comprises 44 percent industrial, 34 percent leisure, 10 percent retail, seven percent office and three percent residential. LLR is the largest investor in industrial and hotel space of the Botswana Stock Exchange-listed property funds and these sectors have been resilient despite the current challenging trading environment.

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BSE upgrades online investor access

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A recent BSE opening bell function.

Botswana Stock Exchange Limited (BSEL) will this year introduce a new clearing and settlement system, as part of efforts to improve operations of the bourse.

Speaking at the seventh opening bell ceremony, Chief Executive Officer, Thapelo Tsheole said the development will help improve liquidity and risk management. In addition, the new settlement system replaces the 2008 system while fast tracking introduction of security borrowing and lending, management settlement guarantee fund, as well as identifiers for companies and instrument.

BSEL has already awarded a contract to a Swedish company to implement the system which is also expected to digitalize Initial Public Offering (IPO), allow electronic voting for listed companies during annual general meetings (AGM) for absent shareholders.

The project, which is expected to take eight months once the two parties sign the deal, is part of efforts to have more online investors access for BSEL. Tsheole also revealed that BSEL website will undergo a revamp this year, allowing it to be more analytic, live feed shares, as they trade.“The tender is already out for the website and mobile application. It is a project that we had hoped to implement last year but because of logistic problems, we could not do it,” said Tsheole.

BSEL further plans to introduce two data display screens at CBD and at the stock exchange.“These will assist with information sharing and keep the market updated,” said Tsheole. Meanwhile, BSEL will not change its Automated Trading System (ATS) until 2022, according to Tsheole.“The system supports our strategy to grow the market and increase the average daily turnover levels to 18.0million per day by 2021,” said Tsheole.

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BSE complies with reporting guidelines

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Botswana Stock Exchange Limited (BSEL) has become the 5th bourse in Africa to comply and publish Environment, Social and Governance (ESG) reporting guidelines.

The development comes a year after BSEL became a partner exchange of the United Nations Sustainable Stock Exchange (SSE) Initiative.“The BSE made a commitment to publish guidance on ESG Reporting. This commitment has been fulfilled.“

We are the 42nd among the 81 SSE Partner Exchanges globally and the 5th in Africa to do this,” said Kgotla Segwe, Market Development Specialist at Botswana Stock Exchange Limited.
Other stock exchanges that have complied with the SSE initiative on the continent are from South Africa, Nigeria, Morocco and Egypt.

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