Mall owner Hyprop Investments’ dividends for the six months to end-December fell a fifth in one of its worst half-year performances since listing in 1988.

The company’s dividend would have fallen 13% but was worsened by its decision to  pay out just 92% of its distributable income. Previously it paid out 100% to shareholders. Hyprop wanted to hold on to the cash in order to manage capital expenditure and still meet its dividend guidance...

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