Interfresh rights offer 58% subscribed

Interfresh rights offer 58% subscribed
Published: 06 September 2013
Diversified agro-business concern, Interfresh has managed to raise the $3 million for working capital and settling debts that it was targeting through a rights offer.

The Zimbabwe Stock Exchange listed fresh produce retailer put out an offer of 150 million shares for subscription at a price of $0,02 on the basis of 3.08 rights offer shares for every one ordinary share already held. Shareholders however subscribed to 57,53 percent of the shares while the remainder was taken up by the underwriter of the transaction, MetBank, which effectively became a shareholder in the firm.

According to results of the offer released yesterday, Interfresh said shareholders had applied and subscribed for 86.3 million shares while Metbank took up 63.7 million shares.

Interfresh earlier said at least $1,6 million would be used for working capital, $1,25 million short term loan acquired from Ice- Jay Investments last December while the remainder would settle transaction costs.

The firm, which has not had any new capital injection since dollarisation of the economy in 2009 but relied on debt financing, also obtained a $5 million loan in 2011 which will be repaid over five years.

- New Ziana
Tags: Interfresh,

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