Private-equity firm Brait, which is listed in Johannesburg and Luxembourg, has acquired a 49.9% stake in South African food maker Premier Foods Ltd.
Premier Foods is a major player in providing basic foodstuffs such as bread, flour and maize products throughout South Africa. The 49.9% stake is valued at ZAR1.07bn (US$156m).
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It is expected that 42% of the shares for Premier Foods would come from a private-equity fund already owned by Brait, while the remainder would come from other investors.
Brait is also investing in Pepcor, a large clothing retail group, which has widespread distribution throughout southern Africa.
To fund the acquisitions, Brait intends to raise ZAR5.9bn on the two stock exchanges through a rights issue.
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