In accordance with the Lusaka Securities Exchange Limited (“LuSE”) Listings Requirements, the Board of Directors advises the Shareholders of Real Estate Investments Zambia PLC (“the Company”) that for the year ended 31 December 2017, the basic earnings per share is expected to be 219% higher than the basic earnings per share for the year ended 31 December 2016.
The movement in earnings is primarily attributed to the effect of change in the fair value of investment properties. In 2017, there was a gain in fair value of investment property of K2.2 million compared to a loss of K61.6 million in 2016. The gain in 2017 was on account of development and refurbishment of some properties in the Group’s property portfolio and tenanting some vacant spaces which enhanced the property fair values. The fair value of investment property for both years was determined by external, independent professional property valuers Knight Frank Zambia Limited who possess appropriate recognised professional qualifications and have requisite experience in the location and category of the properties being valued.
Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company.
The Company expects its results for the year ended 31 December 2017 to be released on SENS and published in the local press on or about 7 March 2018. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.
Issued in Lusaka, Zambia on 06 March 2018
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Issued in Lusaka Zambia on 06 March 2018