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AfricaSouth Africa s Redefine Properties defers dividend decision
Reuters
2 minute read
Shareholders of South Africa s Redefine Properties (RDFJ.J) will have to wait a little longer for a dividend after the company said on Friday that it has deferred a decision on an interim payout until the release of annual results in November.
The owner of retail, office and industrial properties cited the effects of the COVID-19 pandemic and its impact on the company s business operations, adding that the deferral is a precautionary measure to provide additional flexibility and bolster liquidity.
On Thursday Redefine flagged a 21.8% decrease in half-year distributable income per share, which reflects the portion of income paid to shareholders.
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Equites Park in Atlantic Hills, Cape Town. Image: Supplied
Logistics-focused Equites Property Fund is one of the only local real estate investment trusts (Reits) to pay out its full dividend and increase its distribution per share in the face of the Covid-19 crunch.
But its share price fell almost 6% on Tuesday, following the release of the fundâs annual results for the year ended February 28, 2021.
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Lwandile Bhengu
The company says the recommendations align with its intentions.
Redefine Properties has not commented on the suspension of Boulder s Mall Manager, Jose Maponyane.
Redefine Properties, the employer of suspended Boulder s Mall manager Jose Maponyane, says it welcomes the recommendations of the Commission for the Promotion and Protection of the Rights of Cultural, Religious and Linguistic Communities (CRL). Redefine acknowledges and appreciates the role played by the Cultural, Religious and Linguistic Rights Commission (CRL) and supports and respects its work in enforcing these rights as entrenched in our Constitution. We welcome the recommendations made by the CRL Rights Commission today [Thursday] and look forward to engaging further with the Commission to consider their recommendations and incorporate them into our current initiatives, Redefine said in a statement on Thursday.