Sisa Ngebulana believes that Rebosis Property Fund, the property empire he founded and listed in 2011 on the JSE, is being unfairly targeted. Rebosis has been buckling under the weight of a smothering debt load, which has forced Ngebulana to sell property assets to free up cash, and a share price meltdown, and some investors that have turned against the company. But Ngebulana says Rebosis is not the only company in SA’s property sector going through a rough time.
Q: Last year, you were engaging with investors who would inject money into Rebosis to pay its debt and delist the company from the JSE. Is this process still ongoing?: Times have been tough and concluding transactions in this volatile market is difficult. We hoped to close a transaction last year. Unfortunately, the Moti matter at the time messed up with the transaction.: We are now looking at a serious transaction. I don’t want to talk about it because we haven’t announced it to the market.
Q: There have been concerns in the market that Rebosis is technically insolvent. The 2020 annual report revealed that Rebosis’ current liabilities exceed the value of current assets by R9.8-billion at a group level. Is the company: The market is confusing the fact that our current liabilities expire within 12 months. Anything that expires within 12 months is treated under current liabilities, not long-term loans. We are not technically insolvent. Our assets are worth R13.2-billion and our debt is R9.6-billion. In our case, our assets exceed our liability by R3.6-billion. And we have surplus cash in the balance sheet.
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