Zunaid Moti, a major Rebosis shareholder known for luxury car showrooms, has given up on plans to take control of the beleaguered real estate firm, almost a week after the founder of the company overtook him as the biggest investor.
Moti, who built up a nearly 19% stake over the past few months, had drawn up a plan that involved moving a fifth of Rebosis’ R10bn debt into a separate entity backed by R4bn in new income-producing properties.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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