SALE OF BTSA STAKE
AEEI weighs paying a special dividend
CEO Khalid Abdulla reiterates that African Equity Empowerment Investments is on an aggressive growth path
The pending sale of African Equity Empowerment Investments’ (AEEI’s) 30% stake in British Telecoms SA (BTSA) could deliver a bonanza to shareholders, with the group weighing up paying a sizeable special dividend. Speaking at a presentation of the results for the half year to February, Khalid Abdulla, CEO of AEEI, which holds controlling stakes in JSE-listed Premier Fishing & Brands and Ayo Technology Solutions, confirmed the group would be cash flush after concluding the proposed sale of its 30% stake in BTSA to recently listed Ayo for almost R1bn. Abdulla said there was scope to pay some of the BTSA sale proceeds to shareholders, but reiterated that AEEI was on an aggressive growth path and would need to retain capital to pursue new opportunities. "The board must decide [about a special dividend]. There’s no predetermined policy around the BTSA proceeds, but we are aware that some shareholders have been with us for a very long time." The proceeds from the BTSA sale would equate to...