PrimeTime, a company with property assets around Botswana, is spreading its wings to Zambia, where it is expected to construct a multimillion Pula retail shopping centre in the coming months.
This week, the BSE-quoted company disclosed to unit holders that it has just completed the rights to lease a 1, 0246 ha land in the copper-country where the mall will be built. The centre, which will be based in Chirundi, will cost the Gaborone-based company a whopping P89, 2million. Company directors are thrilled that the deal which has been under negotiations for months will further create value for shareholders. “This transaction is part of the execution of PrimeTime strategy to continue growing and diversifying the property portfolio in order to create long term value for linked unit holders and will enhance the current geographical spread and mix of properties,” said the company in a statement.
Shareholders of the company will in a month’s time be called for a special general meeting to approve the latest development in a company with a market value of P548, 6 million. It will seem good times for the company are here. On Tuesday, Chairman Petronella Matumo issued a trading notice to the effect that year end results will be ‘significantly higher’ compared to the past year (H2:2015). For the year to August 2015, the company reported a profit of P60, 9 million, lower when compared to P65, 3 million made the year before.
According to the company director, the results are up due to sale of investment properties in the just-ended year. PrimeTime also carried fair adjustments on investment properties. The results will be announced sometimes next month. Some of the company property portfolios include Letshego Place, Ramotswa Shopping Centre and Nswazwi mall. On a related matter, the company opened the Pilane Mall, a mixed use mall in Kgatleng District. Ahead of the mall opening, there were pending licences that were due to be issued for its foreign tenants from South Africa.