Mauritius-based investor Peter McAllister Todd has seen a sharp slide in his stake in Afine Investments after a month of steady selling on the Johannesburg Stock Exchange. The pullback has erased about 3.2 million from his holdings, making it one of the more notable losses among high-net-worth investors tied to small-cap real estate counters on the JSE this quarter.
Todd, who founded Afine after earlier building Osiris Group in the British Virgin Islands and Mauritius, holds 56,416,380 ordinary shares. His 77.78 percent stake has long given him firm control of the companys direction. But over the past 29 days, the stake has declined by R55.29 million 3.22 million, cutting its market value to R226.23 million 13.17 million. This is part of the cyclical swings that smaller listed property firms often face.
Afine shares fall, debt held low