Mauritius exchange approve new Delta shares

Pan-African property group Delta International Property said on Tuesday it was pleased to announce that the Stock Exchange of Mauritius had approved the placing, issue and listing of up to 29 million additional ordinary shares of Delta on the exchange.

In a private placement, the price of new shares is pegged at R18 per share at the prevailing rand/dollar at the time any such issue is announced.

The price of R18 per share is based on the opening price of USD1.65 on the first day of trading on 30 March, 2015 and discounted by about 9%.

"This has been done to give the board of directors of Delta the necessary authority to issue shares should it be required to issue shares," Delta said.