Pick n Pay successfully completed the placement of 57.3m Boxer Retail (BOX) shares, representing around 12.5% of Boxer’s issued share capital. The placement was priced at R82.00 per share, a 3.2% premium to Boxer’s 30 day VWAP, raising gross proceeds of R4.7bn to fund a turnaround. Following the transaction, Pick n Pay will retain a controlling 53.1% stake in Boxer.
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