Wiese's magic fails to do it for Brait's shaky shares
Christo Wiese is hitching his hopes on China and Australia to save the group after Brait's investments in the UK did not perform very well
CHRISTO Wiese's business acumen hasn't managed to rub off on Brait's share price, which has plunged 61% since peaking in April last year. This week the share tumbled 9% to R59.01 after the company released its results, but the stock recovered to end the week marginally firmer. Wiese, who has a 35% stake in the company, is hitching his hopes on China and Australia to save the group after Brait's investments in the UK did not perform very well. Brait increased its exposure to the UK in 2015 when it snapped up Virgin Active and clothing retailer New Look. But Brexit, which forced the group to abandon plans to move its head office to the UK, made things difficult. Weak retail sales, coupled with low levels of economic activity in South Africa, have also become a drag for the group. The group this week reported a R15.9-billion loss for the year to end-March 2017. This can mostly be attributed to poor performance in Brait's primary markets, South Africa and the UK. The situation in the UK...
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