Fosrich to Consider Additional Public Offering

• Fosrich Company Limited has advised that its Board of Directors will be meeting on the 6th of February 2024 to consider recommending to its shareholders at an Extraordinary General Meeting, certain resolutions to facilitate an Additional Public Offering of ordinary shares.
• This is the second time Fosrich is entering the market in less than a year, following its August rights issue to fund the second phase of its new 30,000 square foot Fulfilment Centre at 76 Molynes Road.
• The company over the last two years has reaped success through its entry into the manufacturing and distribution of solid PVC pipes and conduits and has announced that it is partnering with Huawei Fusion Solar to deliver battery energy-storage systems.
• While there is no information to state what the proceeds may be used for, we believe that the funds will be used to support the company’s growth initiatives.

(Source: JSE)