Grand Parade to give proceeds of Burger King sale back to shareholders
The gaming and leisure company has agreed to sell Burger King SA to a private equity firm, and will use the proceeds to pay a special dividend
Leisure and gaming company Grand Parade Investments (GPI) said on Wednesday that it will use the proceeds of the sale of its Burger King licence to pay a special dividend to shareholders, part of a strategy to reduce a steep discount to its net asset value (NAV) per share.
The price of the sale to private equity fund Emerging Capital Partners (ECP) Africa Fund IV has yet to be determined. GPI said in December that it was seeking to offload the franchise for which it had paid about R700m. ..