Grand City Properties S.A. Announces Suspension of 2023 Dividend Payout Amid Market Uncertainty

Grand City Properties S.A. (GCP), a prestigious real estate company, has declared a halt on its 2023 dividend payouts. This decision, confirmed on 12 March 2024 by the company's Board of Directors, comes in response to the persistent uncertainties within the market. According to GCP, this move is a strategic approach to safeguard its financial stability amidst unpredictable market conditions that continue to affect transaction markets, leverage, valuations, and financing costs.

The company underscores the importance of conserving capital and liquidity during such times. As a consequence, GCP prioritizes deleveraging and prudent financial management over dividend distribution. This resolution will be presented to shareholders at the annual general meeting scheduled for 26 June 2024. GCP's intention is to maintain a strong financial groundwork to navigate through the ongoing market volatilities efficiently.