Masa drives RDC profits

RDC Properties, a company that owns the Masa Complex has sealed deals to acquire Tholo enterprise, a company owning properties in Gaborone and Chobe Marina Lodge, Guido Giachetti, Group Managing Director revealed.

With effect from 1st October, RDC Properties would be the owners of Tholo enterprise by 100 percent. RDC will pay P17 763 284, being 50 percent of the independent valuation of P53 491 000 to acquire Tholo, however the payment shall be made by way of RDC offering 1 458 618 shares to Shakawe, the owners of Tholo enterprise at P8 per share.

RDC will also assume a liability that Shakawe has to First National Bank Botswana (FNBB) in respect of a loan amounting to over P6 million. Tholo enterprise comprises the letting of office accommodation and the improvements erected on plot 50668/9 Gaborone Tholo Phase 1 Building A, Tholo Phase 1 Building and Plot 50369 Tholo Phase 2 Building C, of which are all valued `at over P53 million.

Further, Giachetti said RDC would also purchase Chobe Marina Lodge at P55.6 million, representing the independent value thereof of P67 million. The effective date is also the 1st of October. Chobe Marina Lodge comprises the central complex of bar, restaurant, reception, shops, marina service buildings and offices and luxury accommodation.

Such revelations were made at the HY financial results briefing for the year ended 30 June 2013. General Manager Jacopo Pari said, revenue for the company shot up by 59 percent, after their most valuable property Masa Square was fully operational for the reporting period. Revenue settled at P30.4 million for the period. The building which houses Lansmore Hotel, Botswana’s only 5 star hotel is said to be worth over 40 percent of RDC’s portfolio. The increase in revenue driven by the Masa complex also drove profits from operations up by 74 percent to reach P25.3 million.

Going forward, RDC said with the increasing occupancy rates, especially at Masa centre, the company is looking at improving financial results during their next reporting period.

Last modified on Friday, 27 September 2013 13:09

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