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Pick n Pay sets out R4bn offer terms in retailer revamp

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Pick n Pay Stores set out the terms of a R4 billion rights offer that forms part of a revamp of South Africa’s third-biggest grocer by revenue. Read: Tycoons ready to cede Pick n Pay voting power to lure investors The Cape Town-based company will offer 252.2 million shares at R15.86 each, it said in a statement Thursday. That’s 42% less than the closing price on July 10.

Pick n Pay share price Read: Inside PnP’s plan for its 21 Hypermarkets Ackerman Investment Holdings, the holding company for the family of Pick n Pay founder Raymond Ackerman, has committed to following its rights up to R1.01 billion. Other shareholders have also said they will take part in the offer; together with AIH, they hold about 45% of the shares in issue currently.

 

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