After seven months without a substantive chief executive, Letlole La Rona Limited (LLR) has appointed property investment executive Ronil Besele as its new CEO, making him the third substantive leader to head the listed property group in six years.
The appointment closes a search that began when former CEO Kamogelo Mowaneng stepped down on 3 November 2025, after leading Letlole since August 2020 – initially in an acting capacity, then substantively from February 2022.Before Mowaneng, Letlole’s CEO was Chikuni Shenjere-Mutiswa, who was appointed in May 2018 and oversaw a period of rapid portfolio expansion.
During his first full year, Letlole grew revenue above P100 million, completed the acquisition of Watershed Mall in Mahalapye and outlined plans to expand beyond Botswana as part of a strategy to build a regional property investment platform.
However, his tenure ended abruptly in 2020 following disciplinary proceedings, litigation and eventual dismissal. The dispute was later settled out of court.
Mowaneng subsequently took over during one of the most challenging periods in the
company’s history as Botswana grappled with the COVID-19 pandemic and its economic
fallout.
Under her leadership, Letlole expanded its industrial property portfolio, grew its investment portfolio beyond P1 billion and maintained low vacancy levels despite difficult market conditions.
The company also accelerated its long-term growth ambitions through a revised strategy centred on industrial assets and regional expansion.
The most significant move of that strategy came in 2022 when Letlole invested about $7.2
million for a 30 percent stake in Orbit Africa Logistics, a Kenyan warehousing and logistics investment developed alongside Grit Real Estate Income Group.
At the time, the transaction was presented as Letlole’s first major step into Africa’s industrial property market and was expected to diversify earnings while providing exposure to one of the continent’s fastest-growing logistics sectors.
However, the investment later unravelled after the anchor tenant struggled to meet rental obligations, resulting in persistent arrears and financial pressure on the underlying business. Letlole eventually wrote off both its equity investment and shareholder loan exposure beforeannouncing the decision to dispose of its entire stake for a nominal $2.
Besele now takes charge of a considerably larger business than the one inherited by either of his predecessors. For the six months ended December 2025, Letlole reported revenue of P106.9 million, occupancy levels of 97 percent and a property portfolio valued at
approximately P1.9 billion.
However, profit before tax fell to P40.6 million from P82.6 million as a fair value loss of P4.5 million and a 14 percent increase in finance costs to P28.9 million weighed on the bottom line.
Letlole’s board says Besele brings nearly two decades of real estate and infrastructure
experience, including senior roles at the Special Economic Zones Authority and Deloitte Australia. The board noted his expertise in investment strategy, portfolio optimisationand property development would support the company’s next phase of growth. Besele inherits a business valued at nearly P2 billion.
