TFG raises R2.5bn through new share issue
Retailer TFG said on Tuesday it had raised R2.5bn through an accelerated bookbuild process. The funds raised will go towards the recent acquisition of Australia-based Retail Apparel Group (RAG).
©Vladyslav Starozhylov via 123RF
TFG is the latest South African retail group to enter the Australian market, following in the footsteps of Woolworths, which has a significant presence there after acquiring David Jones a few years ago.
RAG operates 400 stores trading under five brands: Tarocash, yd, Connor, Johnny Bigg and Rockwear.
TFG will issue 17,241,380 ordinary shares to qualifying investors at R145 per share, which represents a 0.9% premium to the 30-day volume-weighted average price of R143.68 as at 31 July.
The total value of the RAG deal is about R3bn.
Source: BDpro