World Markets

South Africa's Sun International to issue 127 mln shares in rights offer

South Africa's Sun International will tap shareholders for funds at 9.44 rand a share in a 1.2 billion rand ($71.48 million) rights issue, the hotel and casino owner said on Tuesday.

JOHANNESBURG, July 14 (Reuters) - South Africa's Sun International SUIJ.J will tap shareholders for funds at 9.44 rand a share in a 1.2 billion rand ($71.48 million) rights issue, the hotel and casino owner said on Tuesday.

The owner of Sun City resort will use the rights issue funds to improve its short to medium-term liquidity and strengthen its balance sheet as the coronavirus restrictions hit its operations.

The company will offer 127 million shares at 9.44 rand each, representing a 25% discount, it said in a statement.

($1 = 16.7877 rand)

(Reporting by Nqobile Dludla. Editing by Jane Merriman)

((nqobile.dludla@thomsonreuters.com; +27115952816; Reuters Messaging: nqobile.dludla.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More