Brait sees big jump in net asset value per share

Johannesburg - Brait [JSE:BAT], the investment holding company listed on the Luxembourg Stock Exchange and the JSE, announced on Tuesday that it anticipates its net asset value (NAV) per share for the year ended March 2015 to increased by up to 175% to between €5.83 and €6.05 and in rand by up to 145% to between R75.08 and R78.28.

The increase in NAV per share is primarily attributed to the disposal of Brait’s effective 37.06% interest in Pepkor to Steinhoff International [JSE:SHF] on March 30 2015.

Brait is expected to release year-end results on June 17 2015.

Last month, Brait SE agreed to buy British health club provider Virgin Active. The company agreed to pay $1bn (about R12bn) for 80% of Virgin Active, which has more than 40% of its gyms in South Africa.

Brait has a further $2bn (R24.3bn) to spend on deals, Bloomberg reported, quoting billionaire Christo Wiese, Brait's largest shareholder.

According to the Bloomberg report shareholders have pressured Brait to look for targets since it agreed to sell its stake in African retailer Pepkor to Steinhoff for R26.4bn last year.