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Shoprite heads for biggest fall in 6 years

March 22 2012 at 01:39pm
By Reuters

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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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