Investment holding company Brimstone did not escape tough trading conditions imposed by SA’s stagnant economy in 2017, which resulted in intrinsic net asset value (NAV) shrinking at the end of December. On Tuesday, the investment holding company’s results for the year to December showed total intrinsic NAV fell 15.9% to R4.32bn, or R18.01 per share. Its black economic empowerment (BEE) share in industrials group Grindrod was revised to zero, followed by the downwards revisions of interests in Life Healthcare and MultiChoice BEE vehicle Phuthuma Nathi. "These are pure mark-to-market adjustments of JSE-listed shares," said CEO Mustaq Brey. "Or in the case of MTN Zakhele Futhi and Phuthuma Nathi, being linked to the value of listed shares." Brimstone recently sold a portion of its investment in Life Healthcare to buy a 4% interest in Brian Joffe’s Long4Life lifestyle group at R5 per share, but this also had to be revised downwards by R5.7m. "Brimstone has a track record of backing entr...

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