Photo by: Duane Daws
JSE-listed Consolidated Infrastructure Group (CIG) has raised R324-million through the issue of 12-million shares to partly fund a proposed acquisition, as well as to grow certain projects.
The shares represent 8.92% of the company’s entire issued share capital and were issued at R27 each.
CIG would use R90-million of the proceeds to partly fund the acquisition of Tension Overhead Electrification, which trades as Transactionel Enterprise and which specialises in electrification in the rail sector.
The group has signed a binding offer to acquire 100% of Transactionel for between R111-million and R141-million. The deal was subject to due diligence and other regulatory approvals.
The balance of the capital raised would be used to fund the growth in projects CIG expected to execute in the foreseeable future.