Mall of Africa owner Attacq cuts its dividend forecast
CEO Melt Hamman points to SA's weak economy as the reason for slow disposals and development of some of its projects
Mall of Africa owner Attacq may have experienced better-than-expected trading numbers for the year to June but it has had to slash its dividend growth forecast for the next two years due to a worsening economy. Attacq rewarded investors with a maiden dividend of 74c per share for the year to June, which was in line with expectations, but like many of its peers it fears a difficult 2019 and 2020. In February it said it expected its dividends to grow 20% for both its 2019 and 2020 financial years. But these were revised down to 7.5%-9.5% for 2019 and 13%-15% for 2020. CEO Melt Hamman said a weak economy had made it difficult for the group to dispose of noncore assets and had slowed the development of some of its projects. It had also received lower-than-expected distributions from its investment in European property owner MAS Real Estate, as well as lower-than-expected cash receipts of interest on shareholder loans from its retail investments in the rest of Africa. The developer and p...
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