Mara Delta to change name to Grit Real Estate Income Group

Grit Real Estate

Mara Delta Holdings said it is proposing a company name change to Grit Real Estate Income Group Limited.

The company said the name change is part of its strategy to expand its geographical footprint on the African continent, Mara Delta was seeking strategic partnerships with businesses that had existing structured and detailed knowledge of operating in new target jurisdictions.

The name change will also reflect the partnership between Mara Delta and Pivotal, representing a consortium of investors commenced discussions regarding the injection of a significant amount of capital into Mara Delta and to include the consortium’s portfolio of assets into Mara Delta.

In terms of the framework agreement entered between Mara Delta and the Pivotal Consortium, Mara Delta changed its name to Mara Delta Property Holdings Limited and restructured its board to include members of the Pivotal Consortium. Subsequently, Abland Africa Limited, Carlisle Property Holdings Limited and Mara Group (through Ameiya Holdings Limited) were appointed as promoters to source investment and development opportunities for Mara Delta across the continent. These entities did not invest in Mara Delta.

On 30 August 2016, Pivotal and Redefine Properties Limited (“Redefine”) jointly announced through SENS Redefine’s firm intention to acquire all of the issued share capital of Pivotal (“the Redefine Acquisition”). This transaction was implemented in January 2017 resulting in the delisting of Pivotal from the JSE.

Considering the delisting of Pivotal and the subsequent dissolvement of the Pivotal Consortium, the existing rationale for the Mara Delta name, as well as the individuals involved which lead to the Mara Group’s association with Mara Delta, is no longer effective.

In addition, a mutual decision has been reached to discontinue the promotors’ agreement with Mara Group’s Ameiya Holdings Limited. Mara Delta is no longer associated with the Mara Group and therefore the board wishes to propose to shareholders that the Company’s name be changed to Grit Real Estate Income Group Limited to represent the organization in its current form and into the future.

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