Pick n Pay has announced that its plan to raise between R6 billion and R8 billion by listing its Boxer subsidiary separately will get nearer to the upper end of that range.
Pick n Pay has announced that Boxer Retail intends to list all of its issued ordinary shares on the main board of the Johannesburg Stock Exchange , with a secondary listing on the A2X for selected prospective investors to buy.
Pick n Pay noted that the implementation of the rights issue is subject to certain conditions, including market conditions and the requisite approvals being obtained from the JSE. “Application will be made to admit the shares to listing and trading on the JSE in the Personal Care, Drug and Grocery Stores — Food Retailers and Wholesalers sector of the JSE under the abbreviated name ‘Boxer’, share code BOX.”
Firstly, Boxer is actively pursuing store expansion by rolling out new Boxer Superstores and adjacent Boxer Liquor stores. “Boxer intends to maintain its domestic core focus with an expanded property team and the addition of one new distribution centre in the short-term to support growth markets,” said Pick n Pay.
“Boxer’s supply chain is further enhanced by its commitment to vertical integration, ensuring efficiency and resilience in operations,” said Pick n Pay.
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