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Retailer’s low-cost Boxer business likely to list by the end of 2024.
Pick n Pay Stores has outlined the terms of a $220 million rights offer that is a key component of a revamp of South Africa’s third-largest grocer by revenue.
The Cape Town-based company will offer 252.2 million shares at approximately $0.88 each, according to a statement released on Thursday. This price is 42% lower than the closing price on July 10.
Ackerman Investment Holdings, the holding company for the family of Pick n Pay founder Raymond Ackerman, has committed to participating in the rights offer up to $55.5 million. Other shareholders have also committed to participate; together with AIH, they currently hold about 45% of the issued shares.
The rights offer will precede an initial public offering of Pick n Pay’s low-cost Boxer business, expected by the end of this year.
As part of a three-year turnaround plan, Sean Summers, who was abruptly brought back as CEO last year, is also focusing on improving performance by potentially converting, refurbishing, or closing around 100 outlets as part of the grocer’s strategy to return to profitability.
