Globe Trade Centre supervisory board recommends no dividend for 2024

Globe Trade Centre S.A. [JSE:GTCE] announced today that its Supervisory Board has recommended not paying a dividend for the financial year 2024. This decision, following the Management Board's proposal, aims to deviate from the company's published dividend policy to retain cash for strategic initiatives. The retained capital will be used to maintain a robust financial position and facilitate the refinancing of the EUR 500 million bond due in June 2026. Additionally, the company intends to allocate resources towards future growth opportunities through acquisitions and development. The decision comes despite Globe Trade Centre achieving strong operating performance in 2024, as measured by funds from operations (FFO). The final decision regarding the dividend payment will be subject to approval by the general meeting of the Company.