Kaap Agri soars after selling property assets of retail fuel business
Company to use the proceeds to reduce borrowings and look for potential acquisitions
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...