Botswana real estate tycoon and property developer Gulaam Abdoola has seen the market value of his ownership interest in Turnstar Holdings drop by more than $1 million since the start of the year, as shares in the company continue to fall due to a lack of appetite for the company’s shares.
Turnstar’s largest individual shareholder, Abdoola is one of the richest investors on the Botswana Stock Exchange thanks to his 14-percent shareholding in the company.
At the time of writing, his position in the group is worth more than $11 million.
Shares in the Botswana-based property loan stock group were trading at BWP1.81 ($0.176) per share as of press time on Aug. 1, unchanged from their starting price on the local bourse this morning, as investors continued to closely monitor market-wide sentiment on the exchange.
At the time of writing, shares in the group had decreased by more than 8.5 percent since the year began, from BWP1.98 ($0.158) to BWP1.81 ($0.176).
According to Billionaires.Africa data, Abdoola’s 14-percent ownership in Turnstar Holdings has declined in value by BWP13.63 million ($1.09 million), from BWP158.7 million ($12.67 million) on Jan. 1 to BWP145.07 million ($11.58 million) due to the decrease in the group’s share price.
Despite the million-dollar decline in the market value of his interest in Turnstar Holdings, the businessman still ranks among the richest investors on the Botswana Stock Exchange.
Under the leadership of Abdoola, Turnstar Holdings’ founding member and managing director, the the Botswana-based property loan stock group has eight properties in the country, four in Tanzania, and one in Dubai, which include multifamily estates, office buildings, and premium retail shopping centers.
According to figures in its recently released financial results, the group’s profit at the end of its 2022 fiscal period rose by 24.1 percent from BWP81.3 million ($6.71 million) in 2021 to BWP100.94 million ($8.33 million) thanks to a combination of revenue and cost-cutting strategies.