Johannesburg - Shareholders have voted in favour of Brait SA's R5.9bn capital raising through a rights offer.
The bulk of the capital will be used to fund the acquisition stakes in Pepkor and Premier Foods Group
[JSE:PFG], it said.
Brait
[JSE:BAT] has said that it would change its business model from being a manager of third party funds to becoming an investment company.
"The move will support the company's growth strategy and enable it to continue leveraging its extensive investment experience while raising capital in a more efficient manner," it said at the time.
The new model would see the Brait investment team utilising their skills and track record for the direct benefit of its shareholders.
"Instead of only raising private capital from third party investors to fund its private equity investment programme, Brait will raise capital from time to time in the public equity capital markets and invest this capital directly into predominantly privately owned companies based in South Africa," it said.
"The Board of Brait believes that the evolution of its business model should mean that Brait could replicate its leading private equity fund return profile more directly for Brait shareholders."