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Aveng raises R100m in follow-on rights offer

8th June 2021

By: Marleny Arnoldi

Online News Editor

     

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JSE-listed Aveng has successfully completed its follow-on rights offer on June 4, raising total new capital of R100-million.

The follow-on rights offer comprised R89.5-million of follow-on rights offer shares taken up by shareholders who followed their rights.

A further R10.4-million worth of shares were taken up by underwriters.

Aveng made 6.6-billion follow-on rights offer shares available, of which 1.3-billion remained unallocated.

Aveng will ask the JSE to delist the unallocated shares.

On March 19, Aveng completed an initial co-underwritten renounceable rights offer, which raised a higher-than-expected R392-million.

The follow-on rights offer capital will further strengthen the company’s balance sheet and provide funding to accelerate its business plan and explore growth opportunities – mainly in the Moolmans business.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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