Hyprop delays dividend payment due to Covid-19
Due to uncertainty about the coronavirus, Hyprop is holding onto its interim dividend until October to shore up its balance sheet
Hyprop Investments — the owner of malls including Rosebank, Hyde Park Corner and Canal Walk — has delayed its interim dividend payment until October in order to shore up its balance sheet in the wake of the coronavirus outbreak.
The group had declared an interim dividend of R3.08 for the period to end-December, and has about 255-million shares in issue.
JSE property stocks have been particularly hit by the market turmoil generated by the coronavirus, and the JSE property index is down 47% so far in 2020, compared to a 29% fall in the JSE all share.
The virus has prompted restrictions to trading activity across the world, with Hyprop saying on Monday it had seen a decline in footfall at its malls since the middle of March.
“Payment of the interim dividend in October 2020 will strengthen the company’s ability to weather the difficult conditions that are anticipated in the next few months and was made after carefully considering the effect thereof on all stakeholders,” Hyprop said.