Pepkor sale boosts Brait's asset value

WEB_PHOTO_GYM_06_PM

British health and fitness group Virgin Active, will soon be listing on South Africas JSE

British health and fitness group Virgin Active, will soon be listing on South Africas JSE

WEB_PHOTO_GYM_06_PM

British health and fitness group Virgin Active, will soon be listing on South Africas JSE

British health and fitness group Virgin Active, will soon be listing on South Africas JSE

JOHANNESBURG  – South Africa’s largest private equity company Brait SE said on Wednesday it had lifted net asset value per share by 141.4%, from R31.95 to R77.12, in the year to March, thanks largely to the sale of its 37.06% interest in Pepkor.

The board proposed an ordinary share bonus issue (with cash dividend alternative) of 77.12 cents per share, also a 141.4% increase on the corresponding period a year before.

The company said the sale of the Pepkor interest to Steinhoff for R30 billion in cash and shares had generated a return of seven times the cost since acquisition in July 2011. As expected Brait, whose top shareholder is South African retail mogul Christo Wiese, has been spending the proceeds from the sale on acquisitions, including British fashion retailer New Look and fitness chain Virgin Active.