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Change of CEO and board of directors
REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
(Approved as a REIT by the JSE)
(“Rebosis” or “the company”)
CHANGE OF CEO AND BOARD OF DIRECTORS
Rebosis herewith announces some key leadership changes to the CEO and Board that will best position
the company into its future.
In the current financial year, Rebosis concluded a landmark transaction with Billion Group for the
acquisition of two dominant regional shopping malls, and management companies that effectively
internalised all Rebosis management with 226 staff members. Mr Sisa Ngebulana founded the group
in 2010 and has run both Rebosis and Billion Group. It has become imperative to have dedicated and
independent leadership of Rebosis to take the company into its next phase.
In accordance with the Listings Requirements of the JSE Limited, the Board hereby notifies its
shareholders of the stepping down and retirement of Mr Ngebulana as CEO as at 30 September 2017.
This allows for a smooth hand over for the next four months to the newly appointed CEO per below
note.
The Board is most pleased to announce that Mr Ngebulana has accepted its invitation to take up the
position of non-executive Deputy Chairman, effective from 1 October 2017.
The Board is further pleased that Mr Ngebulana will retire as an executive director having positioned
the business:
- as a retail focused fund of large dominant shopping malls that enjoys a sovereign underpin
on its commercial portfolio;
- with enviable property assets that are of a superior quality and that are well looked after
internally;
- with experienced and highly skilled management teams with depth and deep knowledge of
the business; and
- on sound footing with systems, processes and well defined accountability and reporting
structures.
The Board would like to thank and congratulate Mr Ngebulana on his enormous achievement. The
Board has enjoyed his vision and creative role in the business and growth during his tenure with
Rebosis as founding CEO, notably:
- having created the first black run, managed and controlled fund to list in South Africa;
- achieving solid and well above inflation income and valuation growth on the assets each year
since listing;
- realising every distribution forecast stated to shareholders each year since inception and
listing in 2011;
- growing the asset base six-fold from initial listing of R3.6 billion value to current R21.3 billion
value of assets (and market cap from initial R1.6 billion to R9.6 billion); and
- successfully concluding the acquisition of the Ascension Property Fund and Manco.
The Board takes pleasure in noting Mr Ngebulana’s commitment to retain his shareholding and
interest in Rebosis in the foreseeable future, given his belief and confidence in the quality of Rebosis’
assets and management. This includes the continued right of first refusal by Rebosis to his Billion
Group pipeline, more-so around precincts of the newly acquired regional shopping malls of Forest Hill
and Baywest.
Further the Board notes his commitment to stay on and give valuable strategic input in his non-
executive capacity to the Board into the future, with his property development skills and experience,
having single handedly developed a number of regional shopping malls in South Africa, and leadership
recognition that he earned, notably his current nomination for Global CEO Excellence Award 2017,
and:
- Global Leadership Excellence Award (2016 Global Leadership Congress);
- African Business Excellence Award (2014 UK House of Lords);
- Pioneer Award (2014 SAIBPP);
- President of Council of SA Shopping Centres (2010 – 2011);
- Property Developer of the Year Award – SA (2009); and
- Entrepreneur of the Year Award - SA (2006).
Further, and in accordance with the JSE Listings Requirements, the Board notifies its shareholders of
the appointment of Mr Andile Mazwai as CEO with effect from 1 October 2017. This future date will
allow for a seamless transition. Mr Mazwai is the COO of Rebosis and has become intimately involved
and knowledgeable with Rebosis’ operating environment, people and assets.
Mr Mazwai is an accomplished business leader and social entrepreneur. He holds a B Com Honours
degree from UCT and is a stockbroker registered with the South African Institute of Stockbrokers. Mr
Mazwai founded Mazwai Securities in 2001, which he reversed into Barnard Jacobs Mellet (BJM),
acquiring 10% of BJM Holdings and was appointed as Co Group CEO.
Mr Mazwai’s other roles include, notably:
- Non-executive director of the JSE since 2001
- Chairman: JSE Self Regulatory Organisation Oversight Committee
- Governor on the Board of St Mary’s Waverly
- Past Chairman of the Board of Governors: Kearsney College
The Board welcomes Mr Mazwai and notes his leadership and business acumen. It is confident that
he will take the company into its next exciting phase.
Mr Mazwai has been involved with Rebosis as:
- a founding director since listing in 2011;
- the Chairman of the Investment Committee over last six years, where he has assessed all
acquisitions and disposals; and
- its incumbent COO responsible for all operational performance of the group’s businesses.
The Board recognises that Mr Mazwai is well regarded by the market and has a keen understanding
of the business, its strategy and growth opportunities, as well as other broader strategic imperatives
key to its success and future.
The Board further intends to announce a new appointment for the COO position Mr Mazwai will be
vacating, who will have strong property and retail skills and experience, more-so given the tough
macro-economic cycle in SA affecting the property sector. This process is already underway and will
be announced in due course.
The Board welcomes Mr Mazwai as incoming Group CEO and strongly believes that his appointment
and leadership will bring independence and further drive the successes it has enjoyed whilst
maintaining strong values and respectful approach to stakeholders that have been carefully built and
maintained since inception.
20 June 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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