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Johannesburg - Illovo Sugar on Friday said it expects to raise R3bn in a fully subscribed rights offer
for current and longer-term growth plans.
The Rights Offer will be for about 108 300 000 Illovo shares and will be made by way of renounceable rights, at a subscription price of 2 769 cents per Illovo share on the basis of 30.83459 Rights Offer Shares for
every 100 Illovo shares held on the record date for the Rights Offer, being August 21.
Qualifying shareholders recorded in the register of Illovo will be entitled to participate in the rights offer, the group said.
The sugar group said it is consolidating its business in South Africa and continuing to pursue major investments outside the country in areas that have positive and stable social, political and economic fundamentals, adequate water and land resources, favourable climatic and agronomic conditions, strong local sugar markets and good export potential.
"In line with this philosophy, investments and initiatives in the following countries have either been completed or are under way: Malawi, Zambia, Swaziland, Tanzania, Mozambique and Mali," the group said
- I-Net Bridge