Partnerships create value for all stakeholders. Game managed to expand its presence in Botswana while supporting the development of a P2.6 billion property portfolio
Welcome to a closer look at a listed company on the BSE
THREAD 🧵: Turnstar Holdings
#1 - The Journey
Born in 1963 to a Muslim family in Johannesburg, Gulaam Abdoola grew up as the only son among five siblings. By 1978, he had assumed control of the family’s clothing shop.
After just a few months of managing the shop, he saw no future in it.
With his parents' blessing, he sold his business and bought a minivan with the proceeds.
Using the van, he shipped goods from South Africa to Botswana. Settling there, he teamed up with his brother-in-law to start a new venture.
In 1986, he risked it all - taking a bank loan to buy a small building to sell motor spare parts. This move birthed Auto City and paved the way for the mighty GH Group.
By 2000, Turnstar emerged as a property arm under the GH umbrella, developed Nzano Mall.
In 2002, Turnstar made waves by listing on the BSE and launching the Game City Mall.
In 2006, history was made with the grand opening of Mlimani City in Tanzania
Mlimani City is a prominent complex offering a lettable area of 29,500 sq. m. The complex is home to renowned brands
In 2017, a new addition was made to the portfolio with the acquisition of Palazzo Venezia, a retail and office space located in Majan, Dubai.
The business is actively pursuing growth opportunities with the goal of becoming a 3 billion pula enterprise.
Various initiatives have been implemented, including expanding the existing gross leasable area (GLA) across the 12 properties were possible.
#2 - Operations,
Turnstar Holdings is publicly listed property development and management loan stock company based in Gaborone, Botswana
It has portfolio of 12 highly valuable properties worth P2.6 billion pula with a gross leasable area (GLA) of 149,805 sqm
GLA is the amount of space in a commercial building that can actually be rented by a tenant. It may include, basements, mezzanines, or upper floors.
The properties are spread across 3 countries namely,
* Botswana
* Tanzania
* Dubai
85% is retail space.
#3 - Competitors,
>FaR Property Company (FPC)
A business controlled by the founders of Choppies Enterprises which boosts of 177 retail and industrial property portfolio.
>RDC Properties
>New African Properties
>PrimeTime Property Holdings
>Letlole la Rona
#4 - Share price,
1,95 BWP per share as at March 8, 2024.
1,94 BWP per share on the 4th of January 2024
18th most valuable stock on the BSE
1st most traded stock over the past 3 months to March 8, 2024
572,153,603 issued shares
#5 - Shareholding
Gulaam Abdoola, the managing director and a founding member of Turnstar Holdings, plays a crucial role in the company's success as he holds the largest individual stake, amounting to 14% of the group's shares.
#6 - Management
Gulaam Abdoola - Managing Director since February 2001
He has transformed the company into a 2.6 billion pula property portfolio in just 23 years.
In addition, his entrepreneurial spirit has led him to successfully launch multiple ventures.
#7 - Pitch
Limited concentration risk by geographical location of assets. Contribution of Botswana by value is decreasing as Tanzania and Dubai scale.
Superb competent management which has consistently delivered predictable results within the past few years
In comparison to its competitors, this company has successfully maintained a lower loan-to-value (LTV) ratio of 20%, providing flexibility for future expansion plans aligned with its targeted 30%.
Boasts a valuable and highly sought-after property portfolio.
Each week will be on a Date with a company listed on @TheOfficialBSE.
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Disclaimer: Do not misconstrue this thread as investment advise DATE companies before you buy its share
Martin Mataga
@MartinMataga
Democratizing investing knowledge by sharing simplified stories of people, enterprises and organizations delivering value in the marketplace. Growing with you!