THE Pick n Pay Group has successfully completed its rights offer, raising R4 billion in capital with substantial market support.
The offer was oversubscribed by 106%, with total subscriptions exceeding R8 billion. A total of 98.7% of shareholders exercised their rights, resulting in an additional R4.3 billion in excess applications.
The group noted in a statement that this strong response demonstrates shareholders’ robust confidence in the group’s turnaround strategy, leadership team, and future growth plans.