Remgro plans to raise R9.9bn
Company to raise funds through a rights offer and the sale of B shares as it considers deals, including a right to buy SABMiller’s stake in drinks maker Distell Group
REMGRO plans to raise more than R9.9bn from shareholders as the company controlled by billionaire Johann Rupert considers deals, including a right to buy SABMiller’s stake in drinks maker Distell Group.The company plans to raise the funds through a rights offer and the sale of B shares, it said in a statement after the market closed in Johannesburg on Tuesday. Investors will be entitled to 10 shares for every 100 they own at a price of R192.50 each under the terms of the rights issue. That is a discount of 21% to Tuesday’s closing price of R241.72.The investment group has first refusal on SABMiller’s 26% holding in the maker of Amarula liqueur and Klipdrift brandy, valued at about R9.5bn. The brewer was told to sell the asset by antitrust authorities as a condition to winning South African approval for its takeover by Anheuser-Busch InBev. Remgro already owns almost 53% of Distell.No agreement regarding the deal had been reached and Remgro would exercise its right only on "commercia...
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