Grand Parade dividend on hold
Empowerment group defers payout as new food businesses test local consumer waters
Cape-based empowerment group Grand Parade Investments (GPI), which has a record of rewarding shareholders with regular dividends, has deferred a decision on a payout for the 2017 financial year. GPI holds cash-generative investments in the form of significant minority stakes in the GrandWest casino in Cape Town, alternative gaming business Grandslots and food franchisor Spur Corporation. But the company is still in capital-hungry development phase with its own fast-food thrust via Burger King, Dunkin’ Donuts and Baskin-Robbins. On Thursday, GPI chairman Hassen Adams said while the company was committed to remaining dividend-active, any distribution for 2017 would be considered only when future cash flows could be determined with greater certainty. Adams said special dividends would be paid out of surplus proceeds from the realisation of investments. GPI last declared a dividend in late November 2016, distributing 25c per share or R122m for the 2016 financial year. Adams said GPI rec...
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