Johannesburg - Taste Holdings on Tuesday announced a rights offer to raise up to R226-million to launch Starbucks in South Africa and expand the Arthur Kaplan brand.
The management company, whose diverse range of brands also includes the Domino’s pizza chain, said it already had commitments for more than 70 percent of the new shares, which would be offered at 300 cents each.
The company said in a statement that some of the capital raised would be used to fund the establishment of Starbucks in South Africa. Taste has exclusive rights to develop the brand in the country, and said it planned to open 12 to 15 outlets within two years of the first store opening, which is scheduled for the first half of 2016.
Some of the funds are also earmarked for adding further shine to Arthur Kaplan, the jewellery store chain which the company acquired last year.
Taste Holdings, which is the leading retailer (by a number of outlets) of luxury Swiss watches in the region, said it planned to open new Arthur Kaplan stores and refurbish older ones.
The company added that any change might be used to fund acquisitions of “attractively valued” independent jewellers, with target estimates given at between R15-million and R30-million per outlet.
ANA