SAPRO appoints Hunter as chairman

By David Doyle

South African Property Opportunities (SAPRO) has appointed property veteran David Hunter as chairman to implement a wide-ranging strategic review.

At a recent extraordinary general meeting (EGM), more than 70% of SAPRO's shareholders approved a new strategy of terminating the company's investment management agreement, realizing certain assets and reducing costs.

Previous chairman Richard Tice has stepped down from the board but will provide consultancy services to the company for the rest of the year to "ensure a smooth transition to his successor."

Hunter, formerly president of the British Property Federation and chairman of the Scottish Property Federation, said: "I believe we have a well balanced, highly qualified board and a clear sense of direction.

"I am confident that over the next few months our shareholders will see further developments in accordance with their wishes.

"On behalf of the entire board, I wish to express deep appreciation to my predecessor for his able leadership in completing the strategic review and wish him success for the future."

David J Saville, an Isle of Man based property fund manager, and Simon Godwin, a UK based entrepreneur and former investment banker with Schroders and BNP Paribas, have also been appointed to the board.