NEW SHARES
Greenbay raises R4.5bn in brisk bookbuild
The hybrid real estate group the darling of local fund managers wanting to get returns abroad
Hybrid real estate group Greenbay Properties, which invests in other property stocks and directly in distressed European assets, raised R4.5bn in a heavily oversubscribed bookbuild. Many local fund managers are backing groups such as Greenbay to get returns abroad. The company had initially aimed to raise R2bn, later doubling this to R4bn and then extending it by a further R500m. This was in response to demand on the Stock Exchange of Mauritius and the JSE. The capital was raised through the placing of nearly 2.2-billion new shares at R1.97 per share on the JSE and about 8.7-million new shares at €0.126 per share in Mauritius. Subject to approval by the JSE and the Mauritius Stock Exchange, the listing and trading of the new Greenbay shares on the two bourses is expected to begin at the opening of trade on August 22 2017.
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