Shoprite heads for biggest fall in 6 years

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Shoprite CEO Whitey Basson Independent Newspapers Shoprite chief executive officer Whitey Basson. Photo: Simphiwe Mbokazi.

Shares of South Africa's Shoprite Holdings tumble 6.7 percent to 128.42 rand, putting the supermarket chain on track for its biggest one-day decline since 2006, after it says it will raise up to $1 billion by issuing new shares and convertible bonds.

The proceeds from the fundraising will be used to shore up its balance sheet and for potential acquisitions, Shoprite says. - Reuters

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