Pan-African property firm, Grit Real Estate, has further cut its stake in Letlole La Rona (LLR), as part of a plan to eventually exit the local real estate group. Last week, Grit sold 12.6 million LLR taking its shareholding to below 10%. The shares sold at P3.16 each, a drop from the P3.51 Grit sold previously on March 7. Prior to that, the Mauritius-domiciled entity, with roots in London, sold at P3.51 in February and P3.48 in December. Grit at one point held more than 30% equity in LLR and was the local group�s second biggest investor after founding shareholder, the Botswana Development Corporation. The Mauritian firm was Letlole�s strategic partner for the local group�s Go-To-Africa strategy under which LLR is seeking deals to expand on the continent and unlock value for shareholders. Letlole La Rona directors have said Grit�s sale of its entire shareholding in LLR is in line with a decision to exit investments where it does not have majority control, or where it has significant exposure to currencies other than the dollar, euro, or hard-currency-pegged revenue streams. Directors said Grit had announced similar decisions on some of its hospitality assets in Mauritius recently. Locally, however, highly placed sources have linked Grit�s exit with a shareholder fallout that came to a head in December when Grit tried unsuccessfully to adjourn LLR�s Annual General Meeting, citing �an urgent, significant, and material matter� requiring the board�s attention before the meeting. At the AGM, the re-election of one of Grit�s directors on the Letlole board was rejected by shareholders, although the pan-African group still has three out of five seats after the meeting.