AVI declares hefty special dividend as debt falls

Covid-19 boosted parts of snacks and beverages division, but hit fashion and abalone sales

PREMIUM

Consumer goods group AVI — the owner of footwear retailer Spitz stores, Five Roses tea, and seafood company I&J — has opted to pay out R926m in a special dividend, citing strong cash generation and healthy debt levels amid Covid-19.

The group, which has a market value of R24.6bn, said the pandemic had a mixed effect on its businesses, boosting parts of its snacks and beverages division, but hitting fashion and perlemoen sales...

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