Ruhaama Real Estates Ltd Annual Meeting Report 2022/2023 Highlights
"Explore the key highlights of Ruhaama Real Estates Ltd's Chairman's report to the annual general meeting for the financial year 2022/2023. Dive into corporate information, shares data, and the current business model. Discover insights on the company's growth and shareholder activities." (229 characters)
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RUHAAMA REAL ESTATES LTD CHAIRMAN S REPORT TO THE ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR 2022/2023 HELD ON NOVEMBER 16, 2023 AT NANJING HOTEL, KAMPALA Godber Tumushabe, Chairman
1. Corporate Information
Board of Directors + Godber Tumushabe, Chairman + Richard Barungi, Secretary + Josephat Nuwabeine, Treasurer + Dan Twine, Member + Harriet Twesiime Bantu, Member + John Mweteise, Member + Milton Ndyamuba, Member (RUDEP)
Incorporation Information Date of first incoporation August 2011 Major March 2020 Amendment of Memarts
Changes in the number of shareholders 35 55 69 2011 2018 2020 2022 2023 52 59
Changes in the number of shares (Cummulative) 350 614 692 2011 2018 2020 2022 2023 580 642
UGX1,000 UGX100,000 UGX400,000 Change in share prices (2011-2023) Aug. 2011 Nov. 2019 Aug. 2022 May 2018 Jan. 2020 Oct. 2023 UGX100,000 UGX250,000 UGX400,000
+ Current Business Model Only RUDEP members are eligible to buy shares in the Company. Total number of the shares in the Company are 1,000. An individual member can only buy up to 30 shares. The bulk of the funds for investment are mobilized from shareholders in form of refundable loan contributions. Contributions are mobilized based on identified projects. RREL Business Model and Current State of the Company Business
RREL Business Model and Current State of the Company Business + Business model Each project of the company is considered a complete business transaction and members can take the option of exiting upon the disposal of the project. Members also have the option of making their funds from a project for further investment in subsequent projects.
RREL Business Model and Current State of the Company Business + Current state of business of the Company Todate, 5 projects have been implemented. Of these: Project 1-Namulonge (Annex 1) was concluded. All members funds were retained by the Company and invested in Project 2-Sisa (Annex 2) and Project 3-Sisa (Annex 3) Trading is currently ongoing on project 2 & 3 as indicated below.
RREL Projects Todate Project 1- Namulonge Total Acqusition Price: UGX130,900,000 Realised Gains UGX115,600,000 Total Portfolio at Closure: UGX264,775,500 Actual Drawdowns: 0 +
RREL Projects Todate Project 2- Sisa Total Acqusition Price: UGX167,989,500 Realised Gains UGX73,872,000 Portfolio on sold plots: UGX123,397,400 Unsold Plots: UGX102,000,700 +
RREL Projects Todate Project 3- Sisa Total Acqusition Price: UGX587,284,700 Realised Gains UGX294,696,000 Unsold Plots: UGX131,750,000 +
RREL Projects Todate Project 4 - Ntungamo Total Acqusition Price: UGX157,300,400 Realized Gains NA +
RREL Projects Todate Project 5 - Buvi Total Acqusition Price: UGX743,200,221 Realized Gains NA +
Shift from project dedicated contributions to capital contributions. New RREL Business Model Each shareholder to contribute a minimum of UGX30,000,000 in capital contributions. Allocation of 30 shares for the initial capital contribution of UGX30,000,000. An additional 1 share for every UGX1,000,000 contributed on top of the minimum capital contribution of UGX30,000,000.
RREL Business Model Target total operating capital Additional capital requirement Available capital in stock UGX2,000,000,000 UGX954,058,100 UGX1,045,941,900
RREL Business Model: ROI Total Sales (TS) Cost of Sales (CoS) = Gross Revenues (GR) Gross Revenues - Expenses (company operations-30%), investors (50%) = Profit Before Tax (PBT) PBT Corporation Tax = Net Profit (distributed to shareholders through dividends) Profit After Taxes: 30% paid to shareholders in the form of dividends. 70% Retained Earnings
Proposed Decision Received the report as part of the record of the meeting. Discuss the report and consider the adoption of the following decisions: Change of the business model from project contributions to capital contribstions. Requirement for a minimum contribution of UGX30,000,0000 Provision for additional shares based on additional capital contributionabove the minimum contribution. Increase the share capital of the company from 1000 shares to 10,000 shares with a share value of 200,000 per share.
