Life Healthcare, as it cashes in on returns where it nearly sextupled its money.
Brimstone will sell its 47-million Life shares in six tranches, which will be completed by the end of March 2021. Brimstone originally invested in Life Healthcare in June 2005 when it was an unlisted entity, spending about R225m or the equivalent of R3 a share, according to Brimstone CEO Mustaq Brey.
Its main investments are more than R2bn or about 54% of fishing group Sea Harvest and a R2bn or 25% investment in fishing company Oceana.Earlier in 2020 it sold parts of it investments in Equites Property Fund and Phuthuma Nathi, Multichoice's. This enabled the company to settle debt of about R593m.“Given the uncertainty in the economy, plagued by extremely low growth, and possibly a delayed recovery from Covid, we believe that it is prudent and responsible to reduce debt,” Brey said.
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