South African (SA) retailer Pick n Pay launched an accelerated bookbuild on Monday to sell shares worth up to R4.7 billion ($282.43 million) in its discount grocery subsidiary Boxer Retail .
The bookbuild is Pick n Pay’s latest move to derive value from its best-performing asset to fuel the recovery of its loss-making core supermarket chain.
The placement covers about 11.5% of Boxer’s total issued ordinary shares, with Pick n Pay expected to retain a controlling stake of around 54% after the offering is completed.
Pick n Pay listed Boxer on the Johannesburg Stock Exchange in late 2024 as a part of its two-step recapitalization plan to lower its debt and turn around its underperforming core supermarkets business.
–Reuters–
