The group says businesses within its portfolio are looking to reduce costs and preserve cash, though the effect of the pandemic remains uncertain
, whose largest shareholder is Christo Wiese, said on Wednesday that its net asset value per share had halved due to Covid-19, which does not take into account the effects of a share issuance in February.
The group’s NAV per share fell to R8.27 in the year to end-March, from R41.80 in the year-earlier period. NAV per share fell from R38 to R17.46 after the issuance of 848-million new shares in February as part of a R5.6bn equity raise; NAV per share fell further after the group took into account the effects of the pandemic.
The group, which reported a loss of R15.96bn in the year to end-March, from a loss of R11.26bn previously, said on Wednesday that the businesses within its portfolio were seeking to reduce costs and preserve cash, though the effect of the pandemic remained uncertain. “Brait’s portfolio companies delivered a robust operational performance pre-coronavirus, with continued optimisation of business models and key operational metrics in a challenging macroenvironment,” said Brait chair Jabu Moleketi.
In morning trade on Wednesday, Brait’s share price was unchanged at R3, having fallen by more than 90% over the past two years.
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