Sisa Ngebulana's property company hopes to turn its debt situation around by the time completely it presents its next set of results.
Rebosis Property Fund announced in April that it had started negotiations with local and offshore institutions that could fundamentally change its fortunes. However, when the company presented its interim financial results on Tuesday, Ngebulana still held his cards close to his chest about the transaction as Rebosis signed non-disclosure agreements.
"We've made positive progress with local and offshore institutions, mainly pension funds who are putting an investment into the company. The aim is to optimise the loan-to-value level, the ICR [Interest Coverage Ratio] and the balance sheet," said Ngebulana on Tuesday.