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Between 2022 and 2024, BPOPF maintained or increased equity stakes in several Botswana‐listed firms. For example, Botswana Insurance Holdings Ltd (BIHL) (sector: insurance) was held at roughly 11.9% of equity as of end‐2024bihl.co.bw. Stanbic Bank Botswana Ltd (banking) was similarly a major holding: BPOPF accounts collectively owned on the order of 34.7 million shares (≈11.6% of Stanbic’s issued shares) by 2024apis.bse.co.bw. Likewise Letshego Holdings Ltd (microfinance/finance) was heavily held – BPOPF (through various nominee portfolios) held roughly 430 million shares (~19.8%) by 2024letshegoinvestor.com. Smaller shareholdings were maintained in other public companies (e.g. Choppies Ltd, G4S Botswana) but detailed data are scarce. Table below summarizes the key public‐market investments:

Private Company Investments (2022–2024)

BPOPF (often via its property‐investment vehicles) also made major local investments in private entities, mainly real‐estate projects. Key transactions include:

• Chelford Limited (real-estate leasing, Ghanzi/other): BPOPF’s Letsema Property Fund II acquired two commercial property lots (1270/1271 Ghanzi) from Chelford in 2023cca.co.bw. (Amount undisclosed.)

• Babereki Enclave (Pty) Ltd (residential property developer): In October 2024 BPOPF (via asset manager Seventy5 Degrees) bought 84 residential units at Seriti Estate, Mogoditshane, from Babereki Enclavethegazette.news. (Sale agreement dated 8 Oct 2024.)

• Lot One Two Seven One (Pty) Ltd (industrial property): In 2024 BPOPF’s Khumo Property Fund acquired Lot 1271 (industrial estate in Gaborone) from Lot One Two Seven One (owned by M. V. Sakhrani)competitionauthority.co.bw. (Purchased “as a going concern” in 2024.)

• AP Holdings (Pty) Ltd (retail/commercial property): In 2024 BPOPF’s Letsema Property Fund acquired the leasehold and improvements of a retail/industrial property (“NG12” at Seronga) from AP Holdingscompetitionauthority.co.bw. (Year 2024; leasehold rights transferred.)

• Time Projects (Botswana) (Pty) Ltd (residential/commercial developer): In late 2023 BPOPF (via Khumo Fund) acquired Lot 67977 (Fairgrounds, Gaborone) from Time Projectscompetitionauthority.co.bw. (First asset for the Khumo Fund; announced Sep–Nov 2023.)

Table below summarizes these private‐company investments:

Each investment above is documented in official sources. For example, Competition Authority merger notices confirm the Chelford, Babereki, Lot 1271, AP Holdings, and Time Projects deals in the cited yearscca.co.bwthegazette.newscompetitionauthority.co.bwcompetitionauthority.co.bwcompetitionauthority.co.bw.

Sources: 

Citations

bihl.co.bw

2024 year-end results

SanlamAllianz BPOPF MVA Other Bifm CEE Aflife Zambia Khumo PAM

apis.bse.co.bw

Name Total shares held STANDARD CHARTERED HOLDINGS (AFRICA) B.V 221,246,286 STANBIC NOMINEES BOTSWANA RE MORULA DPF 12,297,881 FNB BOTSWANA NOMINEES RE: BIFM - BPOPF ACT MEM & DP EQ 8,895,169 STANBIC NOMINEES BOTSWANA RE BPOPF WT PRO PORT MCP 6,561,568 STANBIC NOMINEES BOTSWANA RE BPOPF NON PROFIT-MCP 6,397,492 FNBBN (PTY) LTD RE: BPOPF MORULA ACT MEM DEP EQ 5,797,361 FNBB NOMINEES RE: VUNANI BPOPF 4,419,666 SCBN (PTY) LTD RE: BPOPF LEA PORTFOLIO CO AG 2,786,904

letshegoinvestor.com

Investor Center

Shareholder Type Shares % Botswana Life Insurance Limited Non Public 597,236,000 27.46 FNB Botswana Nominees RE: BIFM – ACT MEM & DP EQ Public 319,051,000 14.67 Botswana Public Pension Fund: Vunani Public 111,382,000 5.12 BPOPF MORULA ACT MEM DEP EQ Public 103,843,000 4.77 BPOPF LETS STRATEGIC PORT Public 86,478,000 3.98 SCBN (Pty) Ltd RE: CITI 024/76 Public 79,751,000 3.67 Stanbic Nominees Botswana RE BPOPF WT PRO PORT MCP Public 67,293,000 3.09 Botswana Public Officers Pension Fund Public 62,778,000 2.89

cca.co.bw

The Selling Enterprise, Chelford, is a company incorporated under the Laws of Botswana. It is controlled by Sean Micheal Elgin (Zimbabwean); Shirley Malebysse Elgin (South African); and Gracious Usi (Zimbabwean), who are also its Directors. Chelford is in the business of leasing and managing commercial, industrial and retail property; with presence in Gaborone, Francistown, Maun, Ghanzi [the proposed transaction], Lethakane and Kazungula.

thegazette.news

BPOPF Acquires 84 Units in Babereki’s Seriti Estate  – Botswana Gazette

The Competition and Consumer Authority (CCA) has unconditionally approved the acquisition of 84 units in Seriti Estate, Lot 12107, Mogoditshane, by Seventy5 Degrees (Pty) Ltd, acting on behalf of the Botswana Public Officers Pension Fund (BPOPF).

competitionauthority.co.bw

Schultze (British), Barend De Loor (South African), Baledzi Makobo and Clair MatheLisenda (both Batswana). The Selling Enterprise, Lot One Two Seven One, is a company incorporated in accordance with the Laws of Botswana. It is wholly controlled by Murli Vashdev Sakhrani, whose other business interest includes shareholding in Sypol Investment (Pty) Ltd and EDS (Pty) Ltd both which are registered and operating in Botswana. The Selling Enterprise is a property holding company of Lot 1271, situated in Gaborone (the

competitionauthority.co.bw

Harpreet Cheema (51%) (Motswana) who are also its Directors. The Target Enterprise invests in retail commercial and industrial property and is the registered owner of the Target Property. AP Holdings is in the business of leasing and managing commercial, industrial and retail property.

competitionauthority.co.bw

MERGER DECISION NO 46: 2023 Notice in Terms of Section 53(4) (a) (ii) of the Competition Act 2018 DECISION ON THE ASSESSMENT OF THE PROPOSED ACQUISITION OF LOT 67977, FAIRGROUNDS, GABORONE, FROM TIME PROJECTS (BOTSWANA) (PTY) LTD BY KHUMO PROPERTY ASSET MANAGEMENT (PTY) LTD ON BEHALF OF BOTSWANA PUBLIC OFFICERS PENSION FUND THROUGH BPOPF KHUMO MANAGED PROPERTY FUND Introduction of the Merging Parties

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