South African Illovo Sugar has raised ZAR3bn (US$389m) through a rights offer it undertook in July.
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The rights offer, to be used to fund the consolidation of its domestic sugar market and investments overseas, had been 99.4% subscribed for, after it sold 107,666,561m shares at a subscription price of ZAR27.69.
The 675,801 shares not taken up by Illovo shareholders (0.6%), will be allocated to Associated British Foods Overseas, a unit of the sugar processor’s UK parent.
Outside of South Africa, Illovo has targeted growth in Malawi, Zambia, Swaziland, Tanzania, Mozambique and Mali.
Illovo said that it had committed ZAR2.3bn by the end of March while further expenditure of ZAR1.7bn has since been approved. In addition, Illovo said that other investment opportunities are expected to open up in the “near future”.
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