Property Fund is going into business rescue, and its shares have been suspended on the JSE with immediate effect.
On Friday, the owner of Baywest Mall and East London's Hemingways Mall said it planned to initially put 25 assets on the market for disposal that it considered non-core or felt they required capital injections to turn around. It will still take time to get shareholders' approval to dispose of the identified assets. At the same time, the rising interest rates are pushing up Rebosis' debt servicing costs. It's also grappling with high rates and taxes levied by some municipalities that Rebosis cannot recover from"sovereign tenants". Furthermore, the company faces continuous delays in rental payments by certain national and provincial government departments, as well as municipalities.
TheBlackspice Fin24 What happened actually? 🤦🏿
Fin24 Late payments by government has destroyed many businesses especially businesses that have to repay loans and pay employees
Fin24 With 50% of revenue depended on government this was bound to happen at some point. Government pay very late.
Fin24 Eish!
Fin24 Crazy that a black business is basically being destroyed by a black government.and then they shout about Radican Economic Transformation. Useless ANC
Fin24 slieh_m
Fin24 PIC must rescue it and save it
Fin24 Eisan
Fin24 😢
Fin24 Oh noooo!
Fin24 What happened here CoruscaKhaya ?
Fin24 I'm just here to show my appreciation to the man who got me on utta poverty I am very happy to be amount your winning team sir' and I will always show my gratitude and work with you always JamesAlderson0
Fin24 Ohh boy
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