Pick n Pay has raised R4.7 billion from investors through the sale of Boxer retail shares to fund further initiatives in its financial turnaround strategy.
Boxer Retail’s share price fell by more than 5% after the conclusion of a bookbuild where its parent, Pick n Pay, raised R4.7 billion from the market by placing Boxer shares.
Boxer’s share price fell by 5.46% to R83.80 on Tuesday morning, although the price is still over 30% higher than what it traded at a year before. Similarly, Pick n Pay’s share price fell by 4.08% to R21.30 on Tuesday morning, a price that was 18.4% below the price a year before. The JSE Retail index was down 2.8% at the same time.
Pick n Pay Stores has tapped investors for R4.7bn so it can use the funds for its continuing financial turnaround, via an accelerated bookbuild of shares in its listed value retail subsidiary, Boxer Retail.
Pick n Pay said on Tuesday that an accelerated bookbuild of 12.5% of the total shares of Boxer, or 57.3 million Boxer shares, priced at R82 each, was successful.
