Pioneer issues shares to black investors
Pioneer Food Group said on Monday, 19 March 2012, it had issued 18,091,661 ordinary shares to black investors as part of its broad-based black economic empowerment (B-BBEE) deal following the fulfilment of the conditions precedent.
The implementation of the remainder of the transaction relating to the issuing of 10,599,998 Pioneer Foods shares to a BEE trust founded by the company is currently in progress, the consumer goods group said in a statement.
It is anticipated that these shares will be issued and listed towards the end of March this year.