Grit aiming for dividend payment as it collects most of its rent
The group has collected more than 80% of rent for April and more than 76% of May rent
Mauritius-based Grit Real Estate, which has property interests in several African countries, said on Wednesday it still aimed for a dividend payment in its year to end-June that is 72% of the previous period.
The group said it was targeting a dividend of 8.75 dollar cents per share for its year to end-June, but it may increase this based on what happens over the next few months.
The group, which as a portfolio of 47 assets and operates in Botswana, Ghana, Kenya, Mauritius, Morocco, Mozambique, Senegal and Zambia, said on Wednesday it had collected more than 80% of rent for April, and more than 76% of May rent at the time its trading update was prepared.
“This board will continue to monitor the dividend position for the financial year ending 30 June 2020 with the potential to increase the new target announced today in line with cash collections achieved over the coming months,” the group said.
“The board expects the results for the financial year ending 30 June 2020 to be impacted by Covid-19 and will update shareholders by early July 2020 when it expects to have improved visibility,” the statement reads.