240810 Shoprite CEO Whitey Basson at the company's annual results held in Sandton .photo by Simphiwe Mbokazi 453

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