Oryx Properties CEO, Carel Fourie, has resigned from his post, just months after he was appointed.
Oryx announced Fourie’s departure on Wednesday without giving reasons.
Fourie’s resignation will be effective on 31 May 2018, the company said.
Late last year, the company announced that Fourie had been appointed as the new Chief Executive Officer, effective from 1 March 2017.
Fourie had been Chief Operating Officer since June 2014, after serving as Chief Financial Officer since 2011. He replaced Gerhard van Zyl, who was appointed as CEO on 1 July 2016.
Oryx Chairman, Francois Uys, said then that the board and van Zyl had mutually agreed not to continue with a management structure which incorporates both a CEO and COO. It was therefore agreed that van Zyl’s appointment would be terminated on 28 February 2017.
Oryx said at the time of Fourie’s appointment that he was more than capable of taking on the new responsibilities.
In the financial year ended 30 June 2017, Oryx said it had succeeded in returning satisfactory results. Net rental income increased by 2,1 percent (2016: 1,5 percent) to N$201 million (2016: N$196,7 million), which, after investment income and allowing for administration expenses and finance cost, resulted in distributions and dividend to unitholders of N$130 million (2016: N$130 million) for the year. Total distributions to unitholders remained unchanged at 167 cents per unit (2016: 167 cents per unit) comprising of 156,75 cents interest and 10,25 cents dividend per linked unit.
All the properties in the Oryx portfolio were independently valued at N$2,4 billion (2016: N$2,3 billion) as at end June 2017, representing an increase of 5,5 percent (2016: 8,4 percent) in the core portfolio over the previous years.
Oryx Properties was established in 2002 and has a diverse portfolio in Namibia and South Africa. It is listed on the Namibian Stock Exchange in the Financial Real Estate sector.
Oryx Properties has 287 tenants in 25 properties in premium-quality retail, industrial and office real estate. In the retail sector, the company owns Maerua Mall, Gustav Voigts shopping centre and Baines shopping centre, all in Windhoek.