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South Africa's Rhodes Foods plans Johannesburg listing
September 1, 2014 / 3:27 PM / 3 years ago

South Africa's Rhodes Foods plans Johannesburg listing

JOHANNESBURG, Sept 1 (Reuters) - Rhodes Food Group Holdings, a South African manufacturer of frozen food and prepared meals, said on Monday it planned to raise 600 million rand ($56 million) through a listing in Johannesburg.

Rhodes, which supplies major retailers such as Pick N Pay and Shoprite with jams, pastries and sausage rolls and sells canned citrus in Britain, said in a statement it would use the proceeds to pay off debt and fund growth, including in sub-Saharan Africa.

As part of the listing Rhodes said it wanted to issue to shares equivalent to around a quarter of its existing stock.

Morgan Stanley, FirstRand’s Rand Merchant Bank unit and Renaissance Capital have been appointed joint coordinators and bookrunners, Rhodes said. ($1 = 10.6425 South African Rand) (Reporting by David Dolan; Editing by Ed Cropley)

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