Investment holding company Cape Empowerment Trust (CET), which yesterday released its results for the year to 31 December, is embarking on an acquisition drive.
The company, which has a 53% stake in JSE-listed Dynamic Cables, says it is able to support itself financially and is largely under-borrowed.
"In order to justify its continued listing, the company now needs to acquire solid assets with good income streams," says CEO Shaun Rai.
"In this regard, the company is currently investigating acquisitions in the property, financial services and marine sectors."
In addition to the Dynamic Cables stake, CET has interests in B&H Printhouse and the taxi industry.
For the year to December, CET achieved an increase in attributable income from R1.06 million to R1.27 million and boosted headline and basic earnings per share from 0.9c to 1.1c. Operating income of R1.12 million compares with a previous loss of R1.89 million.
Rai says Dynamic Cables performed "remarkably" well, with all subsidiaries except Dynatech Telecoms producing year-on-year growth.
CET`s income is expected to improve in the current year as all the losses sustained by Dynatech Telecoms have been recognised and absorbed.
Dynatech Telecoms has been placed into liquidation.
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