Grand Parade founder reduces stake to about 8.4%
Hassen Adams sells 20-million shares for R60m as he looks towards retirement
The executive chair of empowerment gaming and restaurant group Grand Parade Investments (GPI), Hassen Adams, has reduced his holding in the company he founded by almost 40%. The disposal followed Adams’s comments to Business Day earlier in 2019 that he was looking to retire later in the year. Adams, who has presided over one of the oldest listed empowerment ventures on the JSE, has come in for sharp criticism from some institutional minority investors in GPI over the past year, who say they have seen the group lose value under his leadership. The problems for the group started when its quick-food operations started to flounder, eventually seeing GPI shutting down its Dunkin’ Donuts and Baskin-Robbins chains earlier in 2019. Its initial roll-out of fast-food chain Burger King also did not go smoothly. Adams in turn accused the minority shareholders of trying to asset-strip GPI of its lucrative gaming interests, which included an indirect holding in Cape Town-based casino GrandWes...
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