Dawn chief executive Stephen Connelly. Photo: Nicholas Rama

Johannesburg – Distribution and Warehousing Network (Dawn) has raised R358 million through a rights offer.

On Monday, the listed company said its offer of 358 million shares – at a ratio of 147.8 shares for every 100 ordinary shares – had been offered at R1 a share.

Its share was trading at about R1.14 by around mid-morning.

The company had previously said it was considering various initiatives to, among others, strengthen its balance sheet “to allow for the alignment of its capital structure to its business model and current environment”.

Dawn says the rights offer closed on Friday at noon.

Read also: Plan to raise R350m from rights issue

It notes shareholders subscribed for 71.9 percent of the shares offered, while the rest were underwritten by RECM and Calibre.

Dawn now has 600.4 million shares in issues.