Spar scraps dividend as it breaches debt covenants
The multinational franchise is also struggling with lower sales and SAP software implementation challenges
14 June 2023 - 09:45
UPDATED 14 June 2023 - 20:57
Wholesaler Spar has withheld paying a dividend as it struggles with lower sales, challenges in implementing SAP software in SA, rising interest costs and increasing debt that led it to breach banking covenants.
The group, which released half-year results to end-March on Wednesday, has high debt levels of R12.8bn, mostly in foreign currency, while high interest rates make its growing local debt pricey...
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