Flashy car tycoon gives up on battle for control of Rebosis
Zunaid Moti says the beleaguered property company and its bankers won’t play ball with turnaround plans
Zunaid Moti, a major Rebosis shareholder known for luxury car showrooms, has given up on plans to take control of the beleaguered real estate firm, almost a week after the founder of the company overtook him as the biggest investor.
Moti, who built up a nearly 19% stake over the past few months, had drawn up a plan that involved moving a fifth of Rebosis’ R10bn debt into a separate entity backed by R4bn in new income-producing properties. ..