Shoprite heads for biggest fall in 6 years

Comment on this story
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

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.