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BPOPF buying manufacturing space

Publishing Date : 03 December, 2019


The P66 billion Botswana Public Officers Pension Fund (BPOPF) is licking wounds after several of its investment ventures went up in smoke last year and has vowed in its recent AGM to dust itself off and grow tall. 

The pension fund with its appetite for growth, is working on investing on a modest manufacturing business in Gaborone. BPOPF has recently notified the anti-trust body being the Competition Authority, proposing to the acquisition of Lot 20596, Extension 34, Gaborone owned by Master Joinery. The target enterprise Master Joinery is into design, supply, manufacture and installation of all wood, timber, glass / aluminum and contracting for the Civil Engineering and Building.

It is said that BPOPF is also working on taking the Gaborone plant underlying lease as a growing concern from Twinco Enterprises (Pty) Ltd, which is trading as Master Joinery & Aluminum (Twinco). In the merge proposed to Competition Authority, the target enterprise Twinco is incorporated in accordance with the Laws of the Republic of Botswana and is wholly owned by Yufei Liu.

Twinco, trading as Master Joinery, is the certified owner of Lot 20596, Extension 34, Gaborone and uses the property to operate its businesses of manufacturing and warehousing. Specifically, Master Joinery or Twinco is involved in the production of kitchen cabinetry and other joinery products and the Director of Twinco is Bing Liu.

The BPOPF will acquire the property in Gaborone, through its property investment vehicle being Letsema Property Fund II. Letsema Property Fund II currently owns the acquirer properties in Gaborone and Francistown and is working on increasing its portfolio. BPOPF’s Board of Trustees are Solomon Mantswe; Ketlhalefile Motshegwa; Ruth Maphorisa; Topias Marenga; Emma Peloetletse; Tobokani Rari; Legomela Dittah Molodi; Agang Gabana; Rutang Moses and Neo Joel.

A contribution pension fund for public officers established in 2001, BPOPF moved from being a P1.6 billion to a P66 billion assets fund in less than a decade. It has over 150 000 members and has currently issued an advertisement looking for a renewed Strategic Plan Review Service. BPOPF is also looking for a Pension Fund Administration and Investment Management. This follows its troubles with allegations of poor management of its funds, causing a lot of negative media scrutiny.

BPOPF’s big property business is the luxury hotel located at Central Business District (CBD) Hilton Garden Inn (hotel). The P300 million hotel was developed by Fleming Asset Management and it comprises hotel rooms, leisure and other uses such as conferences and restaurants.

At the recent AGM, BPOPF leadership promised its members that it is working on spreading its wings and going for the success story of Chinese economic opportunities. At the AGM held in Gaborone, pensioners were told that the Chinese market is better than the US and elsewhere in the world. BPOPF expects high returns in China and has already found some Fund Managers for the Asian economic giant in an endeavor which will kick start next year.

BPOPF also has an eye for Africa and has discovered opportunities. The pension fund has already identified Fund Managers for Africa ventures, but is aware of many uncertainties which are found in the continent. In Botswana, BPOPF is looking to invest in infrastructure projects.



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