South Africa’s Grand Parade Investments is to continue focusing on the sale of its GPI Slots limited payout machine business, following a delay.
The company, which is active in numerous business segments, did not declare any dividends in the six months to December 31. This was attributed to a delay in concluding the second tranche disposal of 25 per cent of the GPI Slots business to Sun International.
The two companies signed a deal in May 2014 under which GPI agreed to sell up to a 70 per cent interest in GPI Slots in three stages.
Following the Competition Commission’s approval, the final condition to be fulfilled in order to complete the transaction is approval by the respective gambling boards.
During the period, GPI Slots continued to deliver “excellent results” and reported a 23 per cent increase in EBITDA to ZAR111.4m (£4.9m). Revenue for the period increased by 19 per cent to ZAR467.6m.
