Grand Parade’s listing on track for early next year

Posted On Thursday, 20 December 2007 02:00 Published by
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The empowerment investment company that focuses on investing in gaming and leisure stock is on track to list on the JSE by the end of next month

Janet Parker

Leisure Industries Editor

GRAND Parade Investments (GPI), the empowerment investment company that focuses on investing in gaming and leisure stock, said yesterday it was on track to list on the JSE by the end of next month.

“Though we hoped to have concluded the complex listing process by the end of this year, I am very pleased with the progress made thus far,” said GPI chairman Hassen Adams.

“I look forward to the formal listing early in the new year — and to the substantial increase in share value that it will bring to our loyal community of shareholders.”

In October, GPI reported a 70% increase in share earnings to 86c for the year to June, and a 67% improved dividend of 30c per share — results due largely to the continued good showing by its investment in SunWest.

SunWest owns the GrandWest casino and the Table Bay Hotel in Cape Town.

Adams said shareholders in GPI have the opportunity to apply for units in the GPI broad-based black economic empowerment trust, and have until January 23 to take up the offer.

GPI has also concluded a transaction with a women’s group based in KwaZulu Natal. The deal sees the company buying interests in the province’s gambling industry. Details are yet to be made public.

“We will continue to add value for our shareholders, and expand GPI’s portfolio in ways that will consolidate and grow the company into a major player in the South African gambling industry — not just a beneficiary,” Adams said.

Publisher: I-Net Bridge
Source: I-Net Bridge

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