Fosrich To Raise Up To $139 Million Through Rights Issue  

• Electrical, lighting and PVC company Fosrich Limited is seeking to raise J$139.32Mn by way of a provisional allotment under a non-renounceable Rights Issue of 55,729,647 New Ordinary Shares.
• Existing ordinary stockholders as of the record date (June 2, 2023) may participate. The offer, which allows existing shareholders to acquire new shares to be issued by the company, will open on July 11 and close on August 18, 2023.
• Each existing ordinary stockholder on the record date will be provisionally allotted: One new ordinary share for every 90 existing ordinary stock unit(s) held on the record date (and so in proportion for any other number of existing ordinary stock units then held).
• The new shares will be sold for $2.50, which is 11.1% higher than its market price ($2.25) at the close of day on Wednesday July 5, 2023.
• The Company intends to use the proceeds to complete the second phase of the new 30,000 square foot Fulfilment Centre located at 76 Molynes Road as well as to pay the expenses associated with the Rights Issue, which it estimates will not exceed J$9 million inclusive of General Consumption Tax.

(Source: JSE)