TFG outlets, which include Foschini stores. Picture: KATHERINE MUICK-MERE
TFG outlets, which include Foschini stores. Picture: KATHERINE MUICK-MERE

Retailer TFG said on Tuesday it had raised R2.5bn through an accelerated bookbuild process.

The funds raised will go towards the recent acquisition of Australia-based Retail Apparel Group (RAG).

TFG is the latest South African retail group to enter the Australian market, following in the footsteps of Woolworths, which has a significant presence there after acquiring David Jones a few years ago.

RAG operates 400 stores trading under five brands: Tarocash, yd, Connor, Johnny Bigg and Rockwear.

TFG will issue 17,241,380 ordinary shares to qualifying investors at R145 per share, which represents a 0.9% premium to the 30-day volume-weighted average price of R143.68 as at July 31.

The total value of the RAG deal is about R3bn.

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