Kaap Agri soars after selling property assets of retail fuel business
Company to use the proceeds to reduce borrowings and look for potential acquisitions
04 October 2021 - 19:37
Shares in Kaap Agri rose the most in two weeks, jumping more than 8% after it announced it had sold the property assets of its The Fuel Company (TFC) brand in a R446m deal.
The agricultural services provider and retailer said in a statement on Monday that it was reviewing returns on invested capital and that the original aim of gaining a foothold in the retail fuel and convenience markets was successfully achieved. TFC accounted for a quarter of group revenue in the year to end-September 2020...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.