Australian grocery wholesaler Metcash has raised A$38.7m (US$21.1m) by placing 18 million shares at $2.15 per share.

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The company will use the proceeds of the placement to finance part of its proposed investment in a joint venture with Suy Sing Commercial Corp. in the Philippines, reported Dow Jones.


The issue was oversubscribed and was made at a small discount to its recent trading price range. In morning trade Friday, Metcash shares were down 5.2% at $2.18.


Metcash CEO Executive Andrew Reitzer was happy with the response to the placement, saying in a statement: “We are very pleased by the level of support the placement has received from existing and new shareholders on the Metcash Trading register.”

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