The Pick n Pay Group has successfully completed its rights offer, raising R4 billion in capital with significant market support.
The offer was oversubscribed by 106 percent, with total subscriptions surpassing R8 billion.
Nearly 99 percent of shareholders exercised their rights, resulting in an additional R4.3 billion in excess applications. This strong response reflects shareholders’ solid confidence in the group’s turnaround strategy, leadership team, and future growth plans.
The raised funds will be directed towards reducing debt, stabilizing the balance sheet, and supporting Pick n Pay’s turnaround strategy, led by CEO Sean Summers. This recapitalisation is part of a broader strategy aimed at revitalizing and restoring profitability to Pick n Pay’s core retail operations while promoting growth in the Boxer and Clothing segments.
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The group highlighted that establishing new leadership and operational structures at Pick n Pay, with the aid of experienced executives, has already been accomplished. The company is seeing tangible improvements in its core retail business. With the successful rights offer now complete, the first phase of recapitalization is finalized.
Looking ahead, the next step—Boxer’s IPO—is progressing smoothly and is expected to be listed on the JSE by the end of the year.
CEO Sean Summers expressed his satisfaction with the outcome: “We are very pleased with this result. The successful conclusion of the rights offer demonstrates the market’s strong confidence in our iconic brand and turnaround strategy.”
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