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Former Absa CEO linked to Sharemax

Pretoria - The latest rumour around the Sharemax house of cards, which is seemingly in the process of unfolding, is that Efficient Financial Holdings [JSE:EFF], or at least some of its directors, are climbing into bed with Sharemax founder and former CEO Willie Botha.
 
Steve Booysen, former CEO of Absa and current chairperson of Efficient, and well-known economist Dawie Roodt, an executive director of Efficient, have apparently already been appointed as directors of all 39 of Sharemax's property syndicates.

Booysen and Roodt reportedly signed a 70/30 partnership with Willie Botha.

They are apparently mulling an alternative offer for all assets of the 39 syndicates. Efficient has a market value of about R250m, roughly the same as the net asset value of Niki Vontas's Bonatla Property Holdings [JSE:BNT], but of course much more than Bonatla's market value of only R50m.

Both Booysen and Roodt are prominent businesspeople, and their names might provide some comfort to investors in the Sharemax syndicates.

Whether it's a good idea to associate themselves with Sharemax at this time is probably something Booysen and Roodt would want to answer themselves.

However, investors in the syndicates are advised not to become too excited too soon. These are simply rumours, and even if they are true, it will still be a huge challenge to unlock any value out of Zambezi Mall or The Villa.

Booysen and Roodt could not be contacted by Fin24.com.

 - Fin24.com

Read more on Sharemax in the upcoming edition of Finweek.

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