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Cape Town - Retail tycoon Christo Wiese is set to bolster his stake in financial services group PSG by way of a shares-for-cash issue, it was announced on Thursday evening.
Wiese initially bought into PSG when he swopped his significant minority stake in unlisted liquor group KWV Limited for shares in the financial services group.
According to a SENS announcement, up to 5 million PSG shares at 1775c/share will be issued to Titan Financial Services. Titan is Wiese's nominee company.
PSG said the share issue related to the underwriting agreement in respect of the partially underwritten renounceable rights offer for R216m announced by PSG in mid-August.
Wiese, who is best known as retailer through his major holdings in Shoprite Holdings and unlisted Pepkor, has broadened his investment scope in recent years.
One of the biggest shareholders
Wiese is a significant investor in a number of JSE companies - including vehicle tracking group Digicore, industrial supplies company Invicta and fluorspar miner Sallies.
Earlier this year Wiese swopped his 11% stake in KWV for a 5% stake in PSG. The proposed share issue should see Wiese shifting his holding closer to 10% of PSG, making him one of the bigger shareholders in the group.
The Wiese share issue coincided with another share issue announcement by PSG - this time outlining a BEE transaction that will see 1.2 million shares at 1800c/share issued to Kumani Holdings.
The R21.6m deal - pitched at a 6.25% discount to the average PSG share price over the last 30 days - should benefit PSG's black employees.
The controlling shareholder of Kumani is the PSG BEE Employee Trust.