FINANCIAL RESULTS
Grit given the nod to join S&P Africa index
Grit Real Estate, the JSE’s only property company focused on Africa, has received approval to join the S&P Africa Frontier Index, which should result in its share price being rerated, CEO Bronwyn Corbett says. The group, which owns a $700m property portfolio spread across seven African countries, received the approval on Wednesday, just as it released financial results for the year to June. Grit, which already had listings on the JSE and the Stock Exchange of Mauritius, joined the London Stock Exchange on July 31. It said this had opened it up to numerous new investors. Corbett said the company had also increased its market capitalisation to about R5.9bn, which made it eligible to join a number of indices focused on emerging-market investments. As a result, a number of investment trackers would be investing in Grit for the first time over the next few weeks.
"The S&P Africa Frontier is one of the most important indices for us. It will attract numerous new investors and we shou...
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