DURBAN – JSE-listed investment holding company Sabvest Capital (Sabcap) will proceed with the payment of an interim dividend for the six months to end June following an improvement in trading conditions of its investee companies.
The company said during its results presentation in September that it had deferred the decision on the payment of a dividend until its board meeting next month.
However, yesterday the group declared an interim dividend of 10 cents a share, down from last year’s dividend of 36c.
“With regard to the deferred interim dividend, the board has now resolved to declare an interim dividend, but at a lower level than the prior comparative six month period to end June 2019, due to the use of cash for Sabcap share buy-backs and for the Sabvest shares acquired under the section 164 appraisal rights process,” the group said.
The company’s wholly-owned subsidiary, Sabvest Limited, bought back 251 880 Sabvest shares at delisting in May, due to appraisal rights exercised by the holders of those shares in terms of section 164.