BY BUSINESS EDITOR
MBABANE – Greystone Group’s has posted that their total investment income was E3.7 million and it comprised of a divided income of E1.8 million and interest income of E1.9 million.
Greystone said the dividend income was received from SBC Limited. This was revealed in the Greystone Partners Limited Reviewed Financial results for the year ended 30 June 2023 which were released today.
The financials revealed that the largest expense specifically related to Greystone (at a company level) was the management fee of E3.7 million.
Greystone Company’s balance sheet was leveraged with a total of E64.0m of debt and accrued interest. They said this debt was raised as supplemental capital that was deployed in historic years, into portfolio investments made to date. Cash and Cash equivalents amounted to E45.5 million for the Group and E8.9m for the Company.
“All investments, not consolidated, are disclosed as investments reflected at fair value through profit and loss (“FVTPL”) of E145.8 million at Greystone Group level. Property, Plant and Equipment, Inventories, Accounts Receivable and Accounts Payable all largely relate to Alliance Foods, GAFE and Lojaf. Overall, the Net Asset Value is E482.4 million at 30 June 2023,” mentions Greystone.
They said the Company was in negotiations to expand its equity interests in retail investments for regional growth in the FMCG sector. If successful, they said the transactions involve the disposal of shares in Alliance Foods to Inala Capital, a share swap for a stake in General Africa Foods Eswatini, and the disposal of a minority stake in Ngwane Mills to Inala Capital. A capital raising exercise is also planned to fund additional acquisitions.
“A current development is that Greystone is in negotiations to expand its equity interests in retail investments for regional growth in the FMCG sector. If successful, the transactions involve the disposal of shares in Alliance Foods to Inala Capital, a share swap for a stake in General Africa Foods Eswatini, and the disposal of a minority stake in Ngwane Mills to Inala Capital Limited.”
“A capital raising exercise is also planned to fund additional acquisitions. We are currently living in a rapidly changing world which requires investors to demonstrate consistency and patience whilst also being able to be agile and adapt quickly.”
“The benefit of active management in private markets has led to long-term outperformance by private equity as an asset class. Greystone remains committed to driving and realising value from the portfolio for the benefit of its investors,” they added.
