Johannesburg –The CEO of Rebosis Property Fund [JSE: REA] Andile Mazwai has resigned, prompting the firm to delay the release of its interim financial results, a statement said on Wednesday.
Mazwai’s resignation is with immediate effect, and he would be replaced by Sisa Ngebulana, who will hold the position until the appointment of a permanent CEO.
The share price, which opened at R8.20 on Wednesday morning and fell just more than 10.9% to a low of R7.30 shortly after the announcement.
Ahead of markets' close shares were trading down 6.99% at R7.58.
Ngebulana is the founder of Rebosis, and has 25 years of experience in the property sector.
He served as CEO prior to taking up his non-executive deputy Chairman role in October 2017.
The company said the board had decided to move the results presentation date scheduled for 23 April 2018 to 8 May 2018, to allow Ngebulana time “to acquaint and update himself with the latest
operational matters and financial aspects of the company for the six months ended 28 February 2018.”
Rebosis is one of the few black-managed property funds listed on the JSE.
* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.