May 19 (Reuters) - South Africa's Pick n Pay on Tuesday said it has raised 4.7 billion rand ($282.4 million) by selling a stake in its unit, Boxer Retail, aided by strong demand for the retailer's best-performing asset.
Here are some details:
o Pick n Pay sold about 57.3 million Boxer shares, representing roughly 12.5% of the discount grocery unit
o Pick n Pay retains a 53.1% stake in Boxer, maintaining control
o The shares were sold at 82 rand per share, a 3.2% premium to the 30-day volume-weighted average price as of Monday
o The deal was executed through an accelerated bookbuild to institutional investors
o Pick n Pay said proceeds will be used to support turnaround plan and growth strategy
o Pick n Pay had listed Boxer in 2024 as part of a plan to lower its debt and turn around its underperforming core supermarkets business
($1 = 16.6415 rand)
(Reporting by Ankita Bora in Bengaluru; Editing by Sonia Cheema)
