BSE listed property company PrimeTime held its shareholders’ Annual General Meeting on the 27th of February 2013.
The AGM follows the release of the company’s yearend financial results in which unit holders received a 9% increase in Earnings per Linked Unit and an 8% increase in debenture interest paid for the year.
The AGM was chaired by Petronella Matumo, PrimeTime Chairman of the Board of Directors, who convened the meeting and put all ordinary resolutions to the meeting; they were all passed without modifications.
Lack of objections at the AGM alludes to the fact that Prime Time’s strategy remains solid and continually works to provide a diversified portfolio for its shareholders.
Speaking about the recent Zambian property acquisition, Ms Matumo noted: “We, as a board, decided to venture into Africa to explore some exciting opportunities.
We finalised a deal with the purchase of the G4S property in Zambia; this was the first purchase outside of Botswana.
Botswana’s overreliance on diamonds necessitated diversifying into other markets that are not single-product economies.
Relying on one commodity puts the economy in a risky position.” Botswana’s economic growth declined by nearly 1% due to the diamond market’s performance.
This impacts negatively on the property market which relies on the country’s economic growth, especially for new developments.
Some of the ordinary resolutions passed included the total of 17.54 thebe per linked unit worth of interest payments; this is an increase from the previous financial year’s distribution.
MVA CEO Cross Kgosidiile and Senior Partner at S. Thapelo Attorneys, SifelaniThapelo were both re-elected as directors while current auditors Deloitte &Touche stayed on.
Matumo concluded: “We want to thank all our stakeholders for their contribution in the last successful financial year and would like to assure our shareholders that we will endeavour to keep their interests well protected.”