Calgro M3 boosts stability with Rustenburg Memorial Parks expansion
JSE-listed Calgro M3 Holdings – an entity specialising in integrated residential developments and memorial parks – is expanding its Memorial Parks division with the acquisition of a new park in Rustenburg, in the North West.
The park has burial rights in place and is the sixth memorial park to be owned and managed by the company, aligning with its strategy to make dignified burial facilities accessible nationwide.
“The acquisition in Rustenburg, along with established parks in Gauteng, Western Cape and the Free State, underscores our commitment to national coverage,” says Calgro M3 CEO Wikus Lategan.
The company says it has a stated aim to bolster cash flow from its Memorial Parks segment to offset monthly group overheads and interest expenses, thereby ensuring greater financial stability and operational efficiency.
“This objective complements the cyclical nature of the residential development business and, coupled with diligent capital allocation used in the current financial year to repurchase shares, offers shareholders a robust balanced investment opportunity and is testament to the strategic planning and capital allocation undertaken by Calgro M3 over the past few years,” adds Lategan.
The first phase of the Rustenburg Memorial Park is expected to be complete in August and will deliver an estimated 4 572 graves, adding to a total of over 120 000 graves in Calgro M3’s portfolio.
Moreover, the company says the new park is expected to achieve cash flow break-even within two years.
“Calgro M3’s recently introduced lay-by payment scheme offering 0% deposit and 0% interest over 24 months, reaffirms our commitment to affordability and accessibility,” Lategan explains.
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