Brait Retail Investments Help Boost Net Asset Value by 12%

Brait SE (BAT), a South African investment group, grew first-half net asset value by 12 percent as its stakes in retailers Pepkor Ltd and Iceland Foods Ltd delivered gains.

The company’s net asset value per share increased to 23.01 rand in the six months through September as the value of its investment in South African holding group Pepkor jumped 15 percent, while its stake in U.K.-based Iceland Foods, bought in March, was worth 25 percent more at the end of the period.

Iceland’s increased value benefited from the 7.7 percent depreciation in the value of the rand, Brait said in a statement today. A stake in food group Premier Foods Ltd grew 5.2 percent in value over the six months.

A private placement of 1.5 billion rand ($170 million) in preference shares in July was used to repay debt, leaving “at least” 2.8 billion rand in cash and credit facilities to fund future acquisitions, Brait said.

“The defensive nature of the portfolio has enabled strong growth in a tough macro environment,” Chairman Jabu Moleketi said. “The directors believe that the business is well positioned on the back of a strong portfolio and a robust balance sheet.”

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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