Monday, September 25, 2023

Turnstar upbeat on its future plan

Turnstar Holding Limited, the goliath of property development, is in a buoyant mood about its future prospects as it positions itself to officially open the second phase of  Game City Mall that is being supported by Bifm House in the Main Mall.

The Botswana Stock Exchange (BSE) listed company, which is bracing  itself for exciting  developments,  said its performance for the  six months to July 31,  was flat  for both revenue and realizable profits compared to the same period  last year.

Revenue stood at P41.9 million while┬áprofit after tax was at P 25 million, reflecting the stability and the quality of its tenant baseÔÇöwho┬á managed to withstand the┬á impact of the unforgiving┬á recession that was the worst since the Great War.

The  move comes at a time when appetite for accommodation in the market, for both  commercial and retail  space, is still high  as per what industry sources have indicated.

The  company is aiming to open the Game City Mall  phase two  by the end of  November while the Bifm House that has been given a facelift is now ready for occupation. The new  face of Game City  Mall is also expected to have  some high quality tenants such as  an international  jewellery outfit, American Swiss.

“It has been a busy and exciting┬á time┬á for the company, with the extension of Game City and the refurbishment of Bifm House in the Main Mall.

“The extension of Game City is at a practical completion stage and the tenants┬á have┬á started taking┬á occupation and trading. The old wing is now┬á currently undergoing refurbishment,” the company said in a statement, co-signed by┬á Managing Director, Gulam Abdoola┬á and Chairman, Moses Lekaukau.

It added: “Bifm House renovation┬á has been completed and tenants have┬á started moving in.”
The BSE listed property outfit stands solid  with assets  valued at P 631 million, has some other interest  at Supa Save Mall and Nzano in Francistown.

The┬á company also made some surprise announcement to the market┬á in its half year┬á results┬á pointing out that┬á it has taken “decision”┬á not to renew the property and assets management contract with Khumo Properties,┬á a property management arm of one of the┬á biggest institutional investors in the company.

Khumo is currently  serving a six month notice that is due to expire at the end of February.
“Currently, Khumo is serving┬á a six months┬á notice┬á period until end of February 2011 when all property and┬á asset management┬á functions will revert to Turnstar.

“Plans are┬á at an advanced stage for the internationalization┬á of the property and asset management functions,” the company said.

The  company announced  a dividend of  0.50  thebe per share and  an interest of 5.50 thebe per debenture  to linked unit holders  registered by November 26, 2010. The move is a shot in the arm compared to last year and will be financed through a bank loan. 


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