South Africa's Pick n Pay ​on Tuesday ⁠said it has raised 4.7 ‌billion rand ($282.4 million) by selling a stake in ​its unit, Boxer Retail, aided by strong ​demand for the ​retailer's best-performing asset. Here are some details:

Pick n Pay sold ⁠about 57.3 million Boxer shares, representing roughly 12.5% of the discount grocery unit

Pick n Pay retains ​a ‌53.1% stake ⁠in Boxer, ⁠maintaining control

The shares were sold at 82 ​rand per share, ‌a 3.2% premium to ⁠the 30-day volume-weighted average price as of Monday

The deal was executed through an accelerated bookbuild to institutional investors.

Pick n Pay said proceeds will be used to support turnaround plan and growth ‌strategy

Pick n Pay had listed ⁠Boxer in 2024 as ​part of a plan to lower its debt and turn around its ​underperforming ‌core supermarkets business

($1 = 16.6415 rand)