Woolworths plans R10bn rights offerComment on this story
Johannesburg - Woolworths plans to raise 10 billion rand through a rights offer to help repay financing for its acquisition of Australia's David Jones, the company said on Friday.
Woolworths, an upscale retailer of food and clothing, this month finalised its A$2.2 billion (R21 billion) purchase of Australia's second-largest apparel retailer to create a global player focused on the southern hemisphere.
The deal was partly financed by short-term funding from banks, including Citigroup, JPMorgan Chase & Co and Standard Bank, which needs to be repaid, Woolworths said in a regulatory filing.
The company said it plans to release details of the rights offer on Tuesday, with the offer to close on September 26. - Reuters