JSE listed UK mall owner Intu Properties, whose share price reached a record low earlier in January, said on Monday it was now targeting an equity raise in February as it seeks to shore up a balance sheet that has been battered by weak retail conditions in the UK.
The company did not give details as to how much money it wants to raise, but has been selling off assets as it grapples with a debt pile that stood at almost £5bn at the end of June. Intu, whose market capitalisation stood at R5.8bn on Monday morning, has seen its share price decline about 93% since UK voters decided to leave the EU in June 2016.The company said in July it would dispose of various assets to shore up its balance sheet and improve short-term liquidity. It reported then that net rental income in the six months to end-June fell 17.9%.
In morning trade on Monday Intu's share price was up 2.35% to R4.36. The company's share price has fallen 30.35% so far in 2020, including a 14.89% fall on January 9, when the British Retail Consortium said 2019 was the worst year for UK retail sales on record. Intu CEO Matthew Roberts said on Monday the company had delivered a “robust operational performance” in 2019, with total footfall for the year rising 0.3% compared to 2018. The UK's footfall was flat, but this was an outperformance compared to the Springboard footfall monitor for shopping centres, he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Intu Properties to tap shareholders amid pressure on UK retail salesIntu has been selling off assets to shore up its balance sheet, and is now planning to raise capital in February
Source: BDliveSA - 🏆 12. / 63 Read more »
Intu Properties to tap shareholders amid pressure on UK retail salesIntu has been selling off assets to shore up its balance sheet, and is now planning to raise capital in February
Source: BDliveSA - 🏆 12. / 63 Read more »
Mamelodi Sundowns still in PSL title raceThapelo Morena is famous for having a gap in his dentures, but yesterday he helped Mamelodi Sundowns reduce the gap with Kaizer Chiefs to seven points after his winning goal clinched the Tshwane derby. trueG_88 trueG_88 Huh guys, this is just below the belt trueG_88 Are you even allowed to write such a headline thou😢😢 trueG_88 Savage Journalism 😆
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Oil benefits after Libyan bases shut downBrent rises after large crude production bases begin shutting down amid a military blockade
Source: BDliveSA - 🏆 12. / 63 Read more »
Naspers discount grows as Tencent shares rally in Hong KongEven as Tencent’s shares have rallied unexpectedly in recent months, its largest shareholder, Prosus, has not felt the full benefit with the discount at which it trades increasing over the same period.
Source: BDliveSA - 🏆 12. / 63 Read more »
Boris Johnson sets out stall for deeper trade ties at UK-Africa summitThe UK's leader wants Britain to be Africa's 'investment partner of choice' Do you know that Africans hate you because you are white and successful
Source: BDliveSA - 🏆 12. / 63 Read more »