On behalf of Turnstar Holdings, it is both a privilege and a pleasure to
present to you a report of our performance and strategic initiatives as
Turnstar for the financial year ended 31 January 2024.



The year under review was no exception. We worked in this period to advance on previously set foundations. Thus, if I were to characterise this period, it has been one of strengthening foundations to secure an even stronger future. We remain committed to being the largest listed property company in terms of asset value, based on a solid foundation, great assets, low debt gearing ratio and providing dividends to our shareholders consistently.


ANNUAL REPORT 2021 – 2022

At the heart of Turnstar Holdings, from when the business was first born 20 years ago, is an unshakeable sense of familiarity, reliability and indeed trust.

Familiarity and reliability in a Botswana born and grown business now known in international markets, and trust in the brick-and- mortar investments that help shape city skylines as well as the steady return on investment provided each year.

read more…


ANNUAL REPORT 2020 – 2021

Our strategy of working with our tenants during this difficult period, has ensured that we have a high rate of tenant retention and we have maintained 98% occupancy.

Game City continues to attract high demand. We have reconfigured the cinemas into retail space and this area has been rented to one large retailer. We are also busy looking at requests from a read more…


ANNUAL REPORT 2019 – 2020

We have done a lot of work on our growth strategy in the countries we operate in, and identified new opportunities in other countries.

The past few months has changed the world totally with the spread of the Coronavirus.

The world is in a state of panic, as weare dealing with an unknown virus that is read more…


ANNUAL REPORT 2018 – 2019

Turnstar is a stable, solid compa- ny with great assets. In Botswana the property market is challenging at present, due to the economic climate prevailing. There is very little demand for space, from new Companies coming to Botswana.

Most retail space in the country is occupied by large South African retail groups, read more…


ANNUAL REPORT 2017 – 2018

There was a delay in the completion of the construction of the new section of Game City. As reported last year, we assumed that the trading licence issue in Botswana had been resolved. It seems that was not the case and continued into this year.

These issues delayed the leasing of the new wing of Game City, read more…


ANNUAL REPORT 2016 – 2017

The retail stores at Game City and Mlimani City are fully let, and these centres still remain the dominant shopping malls in Botswana and Tanzania.

Turnstar continues to look for opportunities in Botswana and internationally, read more…


ANNUAL REPORT 2015 – 2016

The Company performed extremely well as is evident in our results. The Tanzanian subsidiary, Mlimani Holdings is becoming more significant each year, in terms of contribution to the Group.

The BWP/USD exchange rate is also a favourable factor. At Mlimani, the bulk land has appreciated significantly, and this is reflected in fair value gains., read more…