Pick n Pay Sets Out $221 Million Offer Terms in Retailer Revamp
- Grocer offers shares at 42% discount to July 10 closing price
- Company plans IPO of low-cost Boxer unit likely by year-end
A Pick n Pay Stores Ltd. supermarket in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Pick n Pay Stores Ltd. set out the terms of a 4 billion-rand ($221 million) rights offer that forms part of a revamp of South Africa’s third-biggest grocer by revenue.
The Cape Town-based company will offer 252.2 million shares at 15.86 rand each, it said in a statement Thursday. That’s 42% less than the closing price on July 10.