Murray & Roberts Holdings Ltd. (MUR), South Africa’s second-biggest construction company, said its rights offer announced in February was almost three times oversubscribed.
Shareholders subscribed for 110.5 million rights offer shares, equivalent to 97.9 percent of the 112.8 million offered, Johannesburg-based Murray & Roberts said in a statement today. Holders of rights willing to buy more stock applied for a further 207 million shares, equivalent to 183.5 percent of the total offered. The subscription price was 18 rand a share.
“The net proceeds from the rights offer will be deployed to reduce the group’s debt,” Chief Executive Officer Henry Laas said in an e-mailed statement. The strengthening of Murray & Roberts finances “will provide additional support to our recovery and growth plan,” Laas said.
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