CAPE TOWN – Grand Parade Investments (GPI) non-executive chairperson Hassen Adams has elected to step down before the next annual meeting because of ill health, but will remain on the Burger King and SunWest boards.
At the annual meeting last week, shareholders voted in favour of a bid by Sun International to buy GPI’s remaining 30 percent stake in Sun Slots.
The shareholders voted by a majority of 66.64 percent in favour of the proposal, the proceeds of which would be used to pay down debt held against the shares and to pay a special dividend.
“Now that shareholders have voted for the Sun Slots deal, GPI will move to restructure its balance sheet by reducing debt, which will allow the company to revert to being dividend active,” Adams said in a statement.
He said at the meeting that the company would be returning to its roots as an investment company.