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...
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