Absa CIB Admin
The Foschini Group (TFG) – ZAR 3.95 billion Rights Offer
TFG is a JSE listed fashion retailer with more than 4,500 outlets and over 34,000 employees in 32 countries across five continents.
In August 2020, TFG raised ZAR 3.95 billion via a fully underwritten renounceable rights offer as a COVID-19 prudent measure to reduce indebtedness and provide capacity for its growth strategy. During the successful rights offer, TFG announced its acquisition of the JET business from Edcon proving TFG with a strategically important expansion into the value segment of the South African retail apparel market which along with the well timed rights offer was well received by investors.
Absa acted as joint global coordinator and joint underwriter for the ZAR 3.95 billion rights offer