Octodec halves its dividend as rental pressure continues
Property group sees signs of recovery, but reducing its R4.85bn debt load remains the priority
02 November 2021 - 09:13
UPDATED 02 November 2021 - 19:11
Diversified listed property company Octodec Investments will pay a minimum distribution for its 2021 year, saying it is continuing to feel pressure on rentals as SA’s property sector battles to recover from Covid-19 lockdowns.
The group on Tuesday halved its dividend for 2021 to 50c — a payout of about R130m — opting instead to prioritise reducing a debt load more than twice its R2.2bn market value. Despite this the group is “stable and in control”, and is seeing the green shoots of a turnaround, MD Jeffrey Wapnick told Business Day...
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