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PSG falls on R1bn rights issue

Johannesburg - Shares of PSG Group lose 2.6 percent as it announces plans to raise 1 billion rand through issuing new ordinary shares in a bookbuild offer.

The $2 billion investment group says some potential investors, such as the government giant workers' pension fund, had committed to subscribe up to 180 million rand.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

The offer is not open to the public and closes on June 5.

The proceeds will be invested in several companies that PSG has a stake in, such as private school group Curro, agricultural company Zeder and for PSG Private Equity.

The company has a price to earnings ratio of 18.15 times and 207.59 million shares listed.

Its shares are down 2.6 percent at 100.80 rand.

The All-share index has added 0.07 percent. - Reuters

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