Redefine shares fall as negative factors curb growth prospects
CAPE TOWN – Tight balance sheet management and the pursuit of delivering sustained value was providing property group Redefine with a buffer against economic challenges, chief executive Andrew Konig said yesterday.
Weak business sentiment, load shedding, “confidence-zapping” policies and uncertainty about prospects were constraining domestic growth prospects and impacting the outlook for the local property sector, he said in a pre-close briefing.
Global macroeconomic and political uncertainty, the coronavirus and climate change risks were additional factors weighing on prospects, he said.
“A robust balance sheet remains a critical lever to absorb the risks as weak local property fundamentals are likely to prevail in the medium term,” he said. “Redefine is on track to deliver sustained value and ensuring it is well insulated from the storm.”
Redefine shares yesterday plunged 6.5percent to close at R5.90.
Source: iol.co.za
