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Rebosis CEO resigns

Andile Mazwai has stepped down with immediate effect.

Rebosis Property Fund said on Wednesday its CEO, Andile Mazwai, had resigned and the firm would postpone the release of its interim financial results, sending shares down more than 10%.

The company said in a statement its current Executive Deputy Chairman Sisi Ngebulana would be appointed as the interim CEO.

Mazwai, who was at the helm since October 2017, stepped down with immediate effect for personal reasons, the company said.

It added that it would postpone its interim results to May 8 and delay its dividend payment to 28 May.

Shares in Rebosis‘s fell as much as 10.4% and traded at 9.08% lower at R7.41 ($0.6) by 10:07 GMT. ($1 = 11.9937 rand)

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Resigns “for personal reasons” AND the results are postponed? Now that’s a coincidence.

What is going on in the listed property sector?
First Resilient and it’s three listed sister companies all did a cliff dive and now Rebosis.
Are there any director boards of listed companies left with solid integrity?
I think it has become time for sectorial compliance bodies like SAPOA, the JSE, etc to start investigating some of these Reits.

Very irresponsible. And very disappointing. As an investor eager to support companies with an empowerment element I am tired of getting burnt. In 2016 Rebosis was accused of overpaying for a R6-billion related party deal involving CEO Sisa Ngebulana, who later stepped down. This is the very person stepping back into the role of CEO now! Moneyweb, please do an article about the eye watering value destruction at REITS like Rebosis (Mr Sisa Ngebulana), Delta (Mr Sandile Nomvete) and Texton (Ms Angelique de Rauville).

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