{"id":7762,"date":"2022-05-30T10:51:59","date_gmt":"2022-05-30T10:51:59","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal"},"modified":"2022-05-30T19:31:23","modified_gmt":"2022-05-30T19:31:23","slug":"letlole-investors-to-vote-on-kenya-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal","title":{"rendered":"Letlole investors to vote on Kenya deal"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Shareholders of Botswana Stock Exchange (BSE)-listed Letlole La Rona (LLR) are set to meet on June 15 to decide whether the property group will make its first foray into Africa via a $7.2 million (P87 million) equity investment.<\/b><\/p>\n

Ahead of the meeting, LLR directors have recommended that investors accept the deal, under which the property group will have an initial 30% equity stake in Orbit Africa Logistics (OAL). LLR has the option to increase its investment to 50% of Orbit Africa Logistics for a further $7.6 million (P91.4 million). LLR has already paid an amount of $300,000 as a fully refundable deposit to OAL to secure its role as a co-investor in OAL.<\/p>\n

\u201cThe directors of LLR are of the opinion that the terms and conditions of the acquisition are fair and reasonable and will be to the long-term benefit of LLR and its unitholders,\u201d reads a statement by directors accompanying a circular released to the market this week. \u201cAccordingly, the directors recommend that the unitholders vote in favour of the ordinary resolutions necessary to approve and implement the acquisition.\u201d<\/p>\n

According to the property group, the first tranche of $7.2 million shall be funded through a loan facility obtained from First National Bank of Botswana Limited, while the second tranche of $7.6 million shall be raised by LLR before December 31.<\/p>\n

The co-investment is being done alongside a wholly-owned subsidiary of London-listed Grit Real Estate Investment Group (Grit) one of the largest property investors on the African continent and includes the International Finance Corporation (IFC), the investment arm of the World Bank that is a debt investor in the Orbit facility for a total of $25 million.<\/p>\n

LLR CEO, Kamogelo Mowaneng, said the co-investment is the group\u2019s first regional transaction which delivers on the group\u2019s growth strategy of expanding into Africa.<\/p>\n

\u201cPost the transaction, approximately six percent of our portfolio will be outside of Botswana,\u201d she said. \u201cThe transaction will see us earn US dollar revenue from one of the leading and well-established manufacturers in Kenya, a country widely regarded as the gateway to East Africa.\u201d<\/p>\n

Letlole\u2019s share of profits from associates are anticipated to increase by 14% post-transaction when compared to the pre-transaction forecast of P24.6 million.<\/p>\n

The group\u2019s current portfolio features industrial, retail, office and residential properties around Botswana valued at P1.21 billion. The portfolio is expected to grow to P1.28 billion should shareholders vote in favour of the transaction.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Shareholders of Botswana Stock Exchange (BSE)-listed Letlole La Rona (LLR) are set to meet on June 15 to decide whether the property group will make its first foray into Africa via a $7.2 million (P87 million) equity investment. Ahead of the meeting, LLR directors have recommended that investors accept the deal, under […]<\/p>\n","protected":false},"author":84,"featured_media":7761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-7762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nLetlole investors to vote on Kenya deal - Botswana<\/title>\n<meta name=\"description\" content=\"Shareholders of Botswana Stock Exchange (BSE)-listed Letlole La Rona (LLR) are set to meet on June 15 to decide wheth ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Letlole investors to vote on Kenya deal\" \/>\n<meta property=\"og:description\" content=\"Shareholders of Botswana Stock Exchange (BSE)-listed Letlole La Rona (LLR) are set to meet on June 15 to decide wheth ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-30T10:51:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-30T19:31:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-62951b720ce34.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"1082\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Letlole investors to vote on Kenya deal\",\"datePublished\":\"2022-05-30T10:51:59+00:00\",\"dateModified\":\"2022-05-30T19:31:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\"},\"wordCount\":415,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-62951b720ce34.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/letlole-investors-to-vote-on-kenya-deal\",\"name\":\"Letlole investors to vote on Kenya deal - 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