Alexforbes soars 10% after giant dividend hike | Business

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Shares in Alexforbes traded almost 10% higher to R5.50 on Monday afternoon after the company reported a 41% increase in its net profit for the year to end-March. | News24_Business

In the past year it sold Alexforbes' Individual Client Administration to Sanlam and received an initial upfront payment of R160 million cash, with the outstanding R40 million deferred until the completion of the migration of the business to Sanlam. It also concluded the sale of its 76.45% stake in insurance underwriter Seniors’ Finance Proprietary Limited.

After the end of the reporting period, on 1 June, Alexforbes also acquired a majority interest in TSA Administration, an independent provider of institutional group risk insurance administration services. "We have built a solid base for growth into the future and both management and the board remain confident in the prospects of the group," said Alexforbes."We will continue to invest in our core strengths of consulting, administration and investments to gain further scale, efficiencies and operating advantages."

 

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