Pick n Pay shareholders embrace turnaround strategy
Rights offer attracts R8.2bn in subscriptions, more than double the retailer’s initial target
05 August 2024 - 10:57
UPDATED 05 August 2024 - 18:55
Pick n Pay has obtained shareholder approval for its recent rights offer, attracting R8.2bn in subscriptions or more than double its initial R4bn target.
This support indicates investor confidence in the group’s ambitious turnaround strategy spearheaded by newly reinstated CEO Sean Summers. Pick n Pay said this ensured sufficient funds. About 98.7% of shareholders participated...
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