Pick n Pay launches R4bn rights offer

South African retailer Pick n Pay has announced a bold strategy to raise R4 billion through a rights offer to shareholders and the separate listing of its successful Boxer business. This move aims to stabilize the group’s balance sheet following a reported loss of R570 million after tax for the six months ending August 2023. Despite a slight decline in overall sales and increased debt, Pick n Pay's Boxer is coming through strongly for the group and shows some good figures. Under the leadership of CEO Sean Summers, the company is restructuring its leadership team and operational structure to enhance decision-making and customer service. Joining CNBC Africa for this conversation is Thato Mashigo, Portfolio Manager, Sanlam Private Wealth.
Wed, 10 Jul 2024 11:27:08 GMT

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