Brait Raises 6.4 Billion Rand to Buy Pepkor, Premier Stakes
This article is for subscribers only.
Brait SA, South Africa’s largest private equity company, raised a larger-than-planned 6.4 billion rand ($936 million) in a rights offer and private placement to buy stakes in Pepkor Ltd. and Premier Foods Plc.
Strong demand for Brait’s shares meant the company raised 500 million rand more than it had been targeting, it said in a statement today. Proceeds will be used to buy shares in Pepkor, South Africa’s biggest clothing retailer, and Premier Foods, maker of Blue Ribbon bread and Snowflake flour.