Grand Parade Investments releases maiden annual results
Investment company Grand Parade Investments (GPI), which listed on the JSE in June this year, posted its maiden annual results today.
“I am very pleased – and proud – to be announcing GPI’s first results since we listed barely three months ago,” says GPI chairman Hassen Adams. “We have made a concerted effort to make our results available now, in line with the practice of major companies. It demonstrates good corporate governance on our part, which in turn creates additional confidence in GPI as a company.”
Adams continues: “I am equally pleased to announce that our shareholders, the majority of whom remain community shareholders, will continue to benefit from their investment in GPI, as we will be paying dividends to them for the fifth year running – notwithstanding the fact that we have made major investments this year. We must endeavour at all times to maximise dividends for our broad community shareholder base, and we are succeeding in doing this.”
The release of the annual results follows on three major events in the past year, which include raising GPI’s stake in SunWest, owners of the GrandWest Casino and the Table Bay Hotel, to an effective 33.7%; the acquisition of a 30.6% holding in Real Africa Holdings (RAH); and GPI’s listing on the JSE.
“Our strategy going forward is to consolidate our new investments, such as in RAH,” says GPI’s incoming CEO, Adrian Funkey, who joined GPI on 1 September. “In addition, our limited payout machine investments are coming through strongly, and we are looking at new investments, particularly in the hotel and leisure sector. These must of course be in line with the current market, but we believe the time is right, especially considering upcoming events such as the 2010 Soccer World Cup.”
Says Adams: “At the end of 2007 we predicted a very bullish year for GPI in 2008, and this has certainly come to pass. 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 tourism, leisure and gaming industry – not just a beneficiary,” says Adams.