Mr Price. Picture: FREDDY MAVUNDA
Mr Price. Picture: FREDDY MAVUNDA

Retailer Mr Price has poured cold water on market speculation that it is looking to acquire Jet stores from struggling peer Edcon.

There had been speculation Mr Price was considering the acquisition, after announcing earlier in May that it intended to raise capital of up to 10% of the company’s ordinary issued shares — equivalent to about R3.3bn — “at an appropriate point in time and as market conditions permit”.

The group said on Thursday it would use the proceeds for growing its business, including investing in its own business or through acquisitions, but that it “wishes to address this speculation and advises that the group has no intention to acquire Edcon, in part or in whole”.

In afternoon trade on Thursday, the share of Mr Price was up 0.31% to R129.94, having fallen 28.8% so far in 2020.

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