Mall owner Rebosis enters voluntary business rescue, suspends shares on the JSE | Fin24

  • 📰 News24
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Sisa Ngebulana-founded Rebosis Property Fund is going into business rescue, and its shares have been suspended on the JSE with immediate effect. | Fin24

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rebosis enters business rescue; suspends trading on the JSEReal estate investment trust (Reit) RebosisProperty has entered into business rescue following the board’s decision that the group is financially distressed in terms of the Companies Act, 71 of 2008. Moneyweb PropertyNews NDL_ndumeey
Source: Moneyweb - 🏆 5. / 77 Read more »

Top fintech player enters tap-on-phone market: what it means for small businesses TechCentraliKhokha’s latest offer, iK Tap on Phone, means small business owners can accept payments for their products or services using their smartphones.
Source: TechCentral - 🏆 8. / 71 Read more »