EDITORIAL: Pick n Pay boss tests investor faith
Rights issue and Boxer listing are risky bets on CEO’s ability to revive group’s fortunes
28 February 2024 - 05:00
Pick n Pay is in a pickle. It announced a R4bn equity fund raising and a plan to spin off and separately list its discount chain, Boxer.
The move is meant to fix its lopsided capital structure and appease lenders after flagging an annual loss and breached debt covenants. But it also tests investor faith in its new boss, Sean Summers...
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