Asset disposals help Texton reduce debt
The company withheld dividends to further strengthen its balance sheet
21 February 2023 - 08:50
UPDATED 21 February 2023 - 19:20
JSE-listed Texton Property Fund’s focused strategy to strengthen its balance sheet has paid off, thanks to asset disposal funds used to reduce debt.
For the six months to end-December, Texton’s loan-to-value (LTV), a key measure of the financial health of a property company, reduced from 31.2% in December 2021 to 26.9%. Long-term debt was reduced by R319m, of which R186m is a permanent decrease in long-term debt. Texton has R279m, excluding debt facilities...
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