10.20 to print on Monday

Spot on

@Fyatu if not for the 10 % daily rule this thing would have gotten to below 5 bob soon after results announcement in conformance with standard PE levels in the same sector.

though i am very curious about this stock, it went on a free fall nearly a month before the results...from around 18 straight to 13 just before the day of the announcement..could it be some investors had prior knowledge of the 0.23 cents earning?

Isn't a REIT an asset play rather than an earnings play? Shouldn't one be looking at the book value rather than at the earnings? Thoughts welcome

MEDIA ANNOUNCEMENT: KENNETH MASIKA APPOINTED NEW CEO OF STANLIB FAHARI I-REIT

Please be advised that the board of STANLIB Kenya Limited has appointed Mr Kenneth Masika as the CEO of STANLIB Fahari I-REIT effective 1 November 2016. The Capital Markets Authority (“CMA”) was notified of this appointment in line with the CMA (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013. Further, please note the following
press release as also approved by the CMA:


MEDIA ANNOUNCEMENT:
The board of STANLIB Kenya Limited is delighted to announce the appointment of Kenneth Masika as the CEO of its first-in the-market real estate investment trust (REIT), STANLIB Fahari I-REIT. Mr Masika assumed his new role on 1 November 2016 and succeeded Mr Anton Borkum, who stepped down due to ill health.

Announcing his appointment, the Chairman of STANLIB Kenya Limited, Ms Claire Mwangi said: “We are delighted to have Ken on board. Ken brings with him a wealth of property industry knowledge and expertise which will be crucial in delivering STANLIB Fahari I-REIT’s growth and profitability to meet and exceed investor expectations.”

Mr Masika has over 18 years’ experience in the property industry, most of which he gained as a partner at property services firm Lloyd Masika Limited. He holds a BSc in Land Management from the University of Reading, UK. He is a full member of The Institution of Surveyors of Kenya and a licensed and registered valuer by The Valuers Registration Board of Kenya.

Reflecting on his appointment, Mr Masika said: “This is an exciting opportunity to grow a new product, with property underpinnings, within the investment space in Kenya. I believe the launch of REITs is long overdue for this market. My focus will be to grow the portfolio within the REIT, in an efficient, cost effective manner that maximises both unit-holder value and returns."

STANLIB Fahari I-REIT is the first income REIT in Kenya listed on the Nairobi Securities Exchange (NSE). The REIT aims to deliver to unit-holders consistent property returns comprised of annuity-style distributions, and regular capital growth of its underlying property holdings. The sum of income returns and capital growth must outperform core inflation.

In its first eight months of operations ended 30 June 2016, STANLIB Fahari I-REIT delivered a net profit of KSh 53 million. This net profit reflected net rental income and investment income received but did not account for any revaluation of underlying properties. Expenses relating to the listing of the REIT had an anticipated negative impact on the result and are not expected to repeat during the balance of the year. At the 30 June 2016 mid-year reporting, management confirmed the Net Asset Value (NAV) of the STANLIB FAHARI I-REIT at KSh 19.52 per unit. This represents significant value when compared to the volume weighted average price (VWAP) of KSh 13.26 over the past 2 weeks.

Commenting on STANLIB Fahari I-REIT’s performance, Mr Masika said: “In the first eight months ended 30 June 2016, the REIT performed well. The underlying property values have performed to expectations with the NAV remaining intact and achieving the desired rental yields. The price performance has however not been in line with these fundamentals. One of my primary roles is to engage investors and the broader market to share thoughts and provide more product information and thus build confidence in this exciting investment offering. In addition, I will be focusing on building a robust pipeline of further properties in which to invest for growth of the I-REIT.”

Mr Masika is tasked with delivering the income REIT’s investment objectives by investing in a diversified portfolio of real estate assets located in urban centres with strong demand and attracting creditworthy tenants to sustain a consistent stream of income distributions, plus capital growth.


Yours sincerely,


Mr Simphiwe Mdluli
Ag. Managing Director: STANLIB East Africa