South African transport logistics firm Super Group plans to raise R900 million ($65 million) via a rights issue to fund an acquisition, it said on Thursday.
The 11.7 for every 100 equity cash call was priced at R25.70 per share, a 22.1 percent discount to Wednesday’s closing price of R33.
The rights offer is underwritten by Investec for up to R1.1 billion.
The bulk of the money will be used to fund Super Group’s 79.2 million euro ($88.7 million) acquisition of a 75 percent stake in Germany’s Telo Zwei Vermögensverwaltung GmbH, which owns transport firm IN tIME Holdings.
IN tIME operates in Germany, Sweden, Hungary, Romania, the Czech Republic and Poland with clients in the auto, pharmaceutical and electronic industries. - Reuters
Comments are closed.