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GREYSTONE DECLARES E6.8M DIVIDEND

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MBABANE – Greystone Partners Limited has declared a dividend of E0.03 (three cents) per share, amounting to a total dividend of E6 897 647.07.

The declared dividend is for the period ended 30 June 2022. Greystone said it had been declared to ordinary shareholders registered in the company’s register of shareholders on Friday, January 6, 2023, and payable on or before February 17, 2023. “Normal and withholding tax will be deducted from dividends paid to local shareholders and non-resident shareholders, respectively, where applicable,” mentioned Greystone. Greystone continuous investments in local companies have resulted to an increase in their market capitalisation (marketcap). The marketcap for Greystone increased by 1.59 per cent to reach E735 749 021.

Listed

This was mentioned by Eswatini Stock Exchange (ESE), where Greystone is listed as one of the seven companies currently trading under the agency. Another noticeable increase in marketcap was noticed in Nedbank Eswatini, as it surged by 5 per cent to E336 337 829. According to their audited financials, Greystone Company debts have increased from E55 million in 2020 to E61 million in the current period under review. Greystone said the debt was raised to fund a portion of the equity investments made to date and their investment portfolio (at a company level) is valued at E615.8 million (2020: E565.8 million). They said the portfolio achieved an 8.8 per cent growth in value over the period, driven by broad increases in the valuations across most of the portfolio, including Ngwane Mills (Pty) Ltd, Lojaf, Alliance Foods (Pty) Ltd and Eswatini Royal Insurance Corporation (ESRIC).

Review

“Greystone’s investment activity in the financial period under review included no new investments or follow-on investments in current portfolio companies,” said the company in the statement. They also mentioned that Mazars Corporate Finance (Pty) Ltd (Mazars) was engaged to perform the independent valuation of the company’s unlisted investments. Greystone said the fair value gain of E50 million, as compared to 2020’s fair value loss, can be attributed to the turnaround in economic conditions and the reopening of the Eswatini economy to some extent, and coupled with improved expectations and current trading conditions.

They said this resulted in a commensurate increase in valuations for the underlying portfolio companies.  “The largest contributors to this fair value gain include, among others, Lojaf (E27 million), ESRIC (E17.2 million) and Ngwane Mills (E9.8 million). “The investment portfolio remains relatively robust with numerous portfolio companies continuing to invest in growth, despite certain economic head winds and uncertainty being faced, among others being the global presence and persistence of inflation and resulting increases in global interest rates,” Greystone added.

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