Dipula Income Fund Ltd

Dipula Properties Limited operates as an internally managed Real Estate Investment Trust (REIT) focused on the South African market. Its portfolio is broadly diversified, encompassing retail, office, industrial, and residential rental properties across all South African provinces, though most are situated in Gauteng. Listed on the Johannesburg Stock Exchange (JSE), Dipula previously maintained a dual-class share structure with A-shares (DIA) and B-shares (DIB). A-shares were entitled to preferential dividend growth, capped at the lower of 5% or consumer price inflation, while B-shares received the remaining distributable earnings; all other rights were equal. A significant change occurred from June 2022, when the company repurchased all A-shares, exchanging them for B-shares at a ratio of 2.4 B-shares per A-share, thereby transitioning to a single ordinary share capital. Dipula's strategic objective is to cultivate a resilient and diverse property portfolio, with a particular emphasis on retail assets.