Hassen Adams sells 20-million shares for R60m as he looks towards retirement
Grand Parade Investments chairman Hassen Adams. Picture: FINANCIAL MAIL
The disposal followed Adams’s comments to Business Day earlier in 2019 that he was looking to retire later in the year. The problems for the group started when its quick-food operations started to flounder, eventually seeing GPI shutting down its Dunkin’ Donuts and Baskin-Robbins chains earlier in 2019.Adams in turn accused the minority shareholders of trying to asset-strip GPI of its lucrative gaming interests, which included an indirect holding in Cape Town-based casino GrandWest.
According to GPI’s 2018 annual report, Adams held 63.8-million shares, amounting to a 13.47% holding in the group. On Monday, he sold 20-million of these shares for R60m, effectively reducing his holdings to about 8.4%.
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