Rebosis enters business rescue; suspends trading on the JSE

Real estate investment trust Rebosis has entered business rescue following the board’s decision that the group is financially distressed in terms of the Companies Act, 71 of 2008. The JSE has further granted the company its approval for the suspension of trading in its ordinary shares and A-ordinary shares with immediate effect.

It noted in a Sens statement issued on Friday that its management and board deemed its 6-month cashflow vulnerable to significant risks including: Rebosis says that the South African Reserve Bank’s indication of more interest rate hikes means that the best option, to ensure its survival, is to commence business rescue and implement a business rescue plan as contemplated in Chapter 6 of the Companies Act.

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