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Virgin Active, New Look buys boost Brait value

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Johannesburg - Investors bought into Brait SE [JSE:BAT] as the investment company controlled by South African billionaire Christo Wiese said net asset value more than tripled after it bought majority stakes in health-club provider Virgin Active and UK clothing retailer New Look for a combined £1.5bn.

Net asset value climbed to R123.50 ($8.60) a share in the six months ended September 30, from R34.75 a year earlier, the San Gwann, Malta-based company said in a statement on Tuesday.

“This has been a productive, return-focused period for Brait both in terms of acquisitions and divestitures within its investment portfolio and capital management,” it said. “Brait is well placed for new deals to complement its well-positioned portfolio.”

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