BRIMSTONE Investment Corporation has about R500m in funds to make an acquisition that would expand its portfolio, but the challenge is getting the right assets at an appropriate price."We still have to leverage that R500m. We are looking at food and financial services. At the right time we think we will do a deal at the right price," Brimstone CEO Mustaq Brey said on Tuesday following the release of the firm’s interim results. "We have been looking at stuff — we just can’t get down to actual proper values."Brimstone has three subsidiaries in the form of hake producer Sea Harvest, insurer Lion of Africa and manufacturer of formal wear House of Monatic.Lion of Africa had a difficult six months period, in line with other short-term insurers this year.Insurers in South Africa have been hit by an increased frequency of claims with higher costs.In the six months to end-June, Lion of Africa posted a R47.7m loss compared with a profit of R5.5m in the corresponding period last year.House of ...
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