TURNSTAR : HOLDINDS LIMITED ANNUAL REPORT 2023

ANNUAL REPORT 2023

H I G H L I G H T S O F T H E Y E A R

Positive results

despite challenging operating environment and

competitive market

PROPERTY	GROUP
ASSET VALUE	DISTRIBUTED FOR
INCREASED TO	THE YEAR
P2.6bn	P103 m

OCCUPANCY	OCCUPANCY
IN BOTSWANA	IN DUBAI
99%	100%

FULL YEAR	NET ASSET VALUE
DISTRIBUTION PER
LINKED UNIT IS	PER LINKED UNIT

RENTAL

REVENUE

P291

OCCUPANCY IN TANZANIA POST YEAR END

90%

LOAN TO VALUE RATIO

20%

INTERNAL CAP

18 thebe P3.17

30%

I N T H I S R E P O R T

	B O A R D O F D I R E C T O R S	2
	M A N A G I N G D I R E C T O R ' S R E P O R T	4
	F I N A N C I A L O P E R A T I N G R E V I E W	8
	P R O P E R T Y M A R K E T	1 4
	C O R P O R A T E G O V E R N A N C E	1 8
	K I N G I I I C O M P L I A N C E C H E C K L I S T	2 2
	C O R P O R A T E S O C I A L R E S P O N S I B I L I T Y	2 6

TURNSTAR HOLDINGS ANNUAL REPORT 2023 I 1

B O A R D O F

D I R E C T O R S

Executive Board.

MR BUTLER PHIRIE - CHAIRMAN OF THE BOARD

Appointed 1 July 2021

Mr. Phirie is a fellow member of the Botswana Institute of Chartered Accountants and the Association of Chartered Certified Accountants (UK). He brings with him a wealth of experience, having served at Pricewaterhouse Coopers for 27 years, 13 years of which he was the Managing Partner. He has also served the Botswana Development Corporation as General Manager Finance for 4 years.

MR GULAAM ABDOOLA -

MANAGING DIRECTOR

Appointed 12 February 2001

Gulaam Husain Abdoola has been the Executive Chairman of the GH Group since the group's inception. The family owned group of companies has a large employment force, in various sectors including property development, diamond supply, wholesale and retail, hospitality and automotiveparts.

He is also the founding member

and managing director of Turnstar Holdings Limited, a listed property company on the Botswana Stock Exchange.

He continues to play an active role in many other social and charitable activities.

MR SHIRAN

PUVIMANASINGHE -

DIRECTOR

Appointed 11 December 2014

Shiran Puvimanasinghe is a Chartered Accountant. He commenced his career in Botswana in 1987 as a Senior Manager at Coopers and Lybrand (now PwC). He served the Botswana Housing Corporation, as a Chief Accountant during the period 1990-1993. He was the Financial Director of Zurich Insurance Company Botswana for 15 years and was subsequently appointed as Chief Executive Officer in 2009. Shiran joined Turnstar Holdings as the Chief Financial Officer, in June 2013.

MS VICTORIA TEBELE -

DIRECTOR

Appointed 1 February 2021

Ms Victoria Tebele graduated from the University of Botswana with a First Class Bachelor

of Commerce (Accounting) in 1992 and attained ACCA in 1998. Ms Tebele is a Fellow Member of both ACCA and the Botswana Institute of Chartered Accountants.

Ms Tebele has extensive experience in financial and

management accounting, risk management, internal auditing, contracts management, corporate governance and people management in a number of industries including mining, financial services, beef production and general maintenance in both the private sector and parastatals.

She has served as a Director in a number of boards in the country. She served as a BICA Tax Committee member from 2004 to 2011. She is currently serving as the Treasurer at the Botswana Chamber of Mines and is currently the Country Manager and Director at Epiroc Botswana, a supplier of innovative mining solutions.

2 I TURNSTAR HOLDINGS ANNUAL REPORT 2023

MR AMARESH CHETTY - DIRECTOR (B COM, PG DIP BUS MANAGEMENT, MBA)

Appointed 1 July 2022

Mr Chetty is the Chief Investment Officer at Ngwenya Capital

and has in excess of 20 years' investment and commercial experience across various sectors including but not limited to real estate, healthcare, mining and financial services.

He has served as a director at several companies in South Africa that include:

• Ascendis Health Limited (JSE main board) -Chair of Audit and Risk committee, Chair of Human Capital Committee and member of Social and Ethics committee

• Sunstone Capital Limited - Chairman and chair of the investment committee

• Pepper Club Hotel Investments Ltd - Director and chair of the investment committee

• WDB Growth Fund Pty Ltd - Director and chair of the investment committee

• Rencell Ltd - Director

SOLOMOM SEOKETSI MANTSWE

Appointed 1 July 2022

MRS SETHEBE MANAKE -

DIRECTOR

Appointed 1 September 2022

Sethebe Manake is an influential figure in Botswana's real estate industry, known for her thought leadership and proptech advocacy. With over 14 years of experience, she founded Gosmartvalue, a research and consulting firm focused on transforming the sector.

Sethebe, a chartered surveyor in Real Estate Investment and

Finance, introduced an automated valuation platform that provides objective property valuations, democratizes real estate information, and optimizes business efficiency. She serves on the board of the Africa Proptech Forum, leads the Botswana Proptech Chapter, and is the President of the Real Estate Institute of Botswana.

Sethebe's accomplishments include receiving awards such as the Most Innovative Real Estate Data Analytics Firm and the Business Excellence Award for Women in a Male Dominated Industry. Her leadership and dedication have established her as a trusted influencer in Botswana's real estate industry.

Mr Solomon Seoketsi Mantswe has a career spanning over 35 years' in the public service sector, with vast experience in areas of Policing, Public Relations and Corporate Governance.

He joined the Botswana Police Service (BPS) in October 1983, and held various key positions providing strategic leadership and management. In April

2002 he was appointed Head of Botswana Police Public Relations Unit, and, in April

2012 was appointed Director - Department of Managerial Services.

Mr Mantswe was recently appointed Deputy Commissioner of Botswana Police

Services in July 2021. His key responsibilities include the development and implementation of the organisational strategies, directing the Human Resource and Administration, Policy Direction and Stakeholder Relations.

He has extensive experience in corporate governance through his service as the Chairman of the Botswana Public Officers Pension Fund (BPOPF), a position he has held since 2017, and also from the various subcommittees of the same board.

He has served on numerous Boards, some of which included; a) Chairman, Police XI Football Club

b) Chairperson, Botswana Police Relief Fund

He brings a wealth of applied knowledge and experience.

TURNSTAR HOLDINGS ANNUAL REPORT 2023 I 3