Tuesday, March 2, 2021

Letlole la Rona aims to fill empty boardroom chairs in 2014

The Board of Directors of Letlole la Rona (LLR) said this week it has added Botswana Development Corporation (BDC) Acting Managing Director, Montle Phuthego, as board member in its continuing quest to fill empty boardroom chairs.

The announcement was made at the company’s Annual General Meeting (AGM) held on Wednesday. Phuthego replaces Sametsi Ditshupo who resigned from the board last December.

Announcing the appointment at the AGM, Board Chairman, Marina Bathuleng-Mookodi said they are working around clock to add new members including finding a replacement of James Kamyuka, who left the boardroom on 24th September this year.

“We are looking at the first two months of beginning of 2014 to fill the empty boardroom chairs as well are still looking for the right candidate,” said Bathuleng-Mookodi.

She explained that all directors are subject to retirement by rotation and only a third re-election by shareholders in accordance with the constitution of the company. She pointed out that the Board is looking to increase membership to achieve greater diversity of expertise and knowledge to further its responsibility to the unit holders.

“Subsequent to the resignation of two members, there are four independent members on the Board of Directors, bringing a wealth of expertise and knowledge from the different fields of their professional expertise,” she said.

The company’s audited financial statements for the year ended 30th June 2013 were also received, considered and adopted during the AGM. The re-election and appointment of Directors in terms of the constitution of the company also took place as Peter Stevenson, Roderick Boyd and Janet Tselayakgosi were re-elected to the Board.

Meanwhile, the Botswana Stock Exchange listed property outfit has been successful in its execution of strategy in the reporting period ended 30 June 2013. The portfolio strategy developed in 2012 focuses on maximising of existing vacant spaces and restructuring the portfolio.

Also the Independent Property Databank (IPD) which provides property performance indices in many countries worldwide rated Letlole La Rona as one of the best performers in Botswana as it performed at 5.3 percent above benchmark for the period ended December 2012.

The company did the extension of Plot 32084 by 11 200sqm and the project’s groundbreaking was in June 2013 is expected to be concluded by January 2014 with the capital cost of approximately P41 million.

Currently Letlole La Rona portfolio is 100 percent let and the average lease period is 3-5 years for industrial and retail.

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