Turnstar Holdings Limited announced that its founding Managing Director, Gulaam Abdoola, will step down at the end of June after 25 years of service, leaving behind a portfolio valued at nearly P3 billion.
Abdoola is credited with transforming the company from a Botswana-based operation into a diversified regional real estate powerhouse. His leadership spanned major milestones, including Turnstarโs 2002 listing on the Botswana Stock Exchange, the 2006 launch of Mlimani City Shopping Mall in Tanzania, and the companyโs entry into the United Arab Emirates market.
Turnstar said Abdoola will remain involved in strategy and development to help keep the companyโs long-term goals on track while retaining his role as a key shareholder.
โI have a vested interest in this business; it will always remain close to my heart. As a shareholder, my desire to see it continue to succeed is unwavering. But it is time for a change, and I look forward to stepping into a different role,โ Abdoola said.
During his tenure, Abdoola navigated numerous global and local challenges that demanded resilience, adaptability, and strategic foresight. Despite these hurdles, the company maintained strong occupancy rates, according to Turnstarโs 2024 annual report.
Turnstarโs assets include Game City and Tapologo Estate in Gaborone, as well as Nzano Mall in Francistown. Last year, the company added Lotsane Junction in Botswana to its portfolio, increasing its total value to about P2.9 billion and expanding its Gross Lettable Area to roughly 105,000 square meters.
The company is also conducting due diligence on three potential acquisitions aimed at further strengthening its market position and enhancing shareholder value.
Having expanded into the Middle East and East Africa, Abdoola steps down as the company looks to grow further in East Africa, including additional space at Mlimani City in Dar es Salaam.
Work has begun exploring opportunities around this prime location, which the company says offers substantial growth potential.
โWhile our growth strategy continues to drive our success, the lack of new investors and businesses entering the Botswana market remains a significant concern,โ Abdoola said in the report.
โWe are cautiously optimistic as we navigate this, mindful of the important role property can play in Botswanaโs growth, and the part we wish to play as Turnstar.โ
By contrast, he said the East African market, particularly Tanzania, presents a more optimistic outlook.
โEast Africa is experiencing a veritable boom, and Turnstarโs established presence there positions us well to capitalize on regional growth,โ Abdoola said.
