In compliance with the requirements of the Securities Act No. 41 of 2016 and the listing rules of the Lusaka Securities Exchange, Real Estate Investments Zambia PLC (“REIZ”) announces the financial results of the Company and its subsidiaries (collectively referred to as the Group) for the six months ended 30 June 2018. These interim financial results are derived from the Group’s Management Accounts, which have been approved by the Directors, but have not been audited.
The reported revenue for the six months ended 30 June 2018 declined by 23% compared to the same period in 2017. This reduction is primarily attributable to the impact of rental remissions granted to tenants at Arcades shopping mall as a goodwill and gratuitous gesture for staying committed to Arcades during the redevelopment period. The Market will recall that a good portion of the car park was hoarded off and some shops closed during the redevelopment…
The Directors resolved not to pay an interim dividend for the year ending 31 December 2018. The Directors will review the results for the full year and consider recommendation of a final dividend for approval by Shareholders at the Annual General Meeting (AGM) that will be held before 31 March 2019.
BY ORDER OF THE BOARD
Issued in Lusaka, Zambia on 12 September 2018
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