South African drug store chain Dis-Chem has raised 1.120 billion rand ($82.14 million) from sale of a part of the shares held by its senior management team, the company said on Tuesday.
The sale of shares will see founder and chief executive officer Ivan Saltzman owning 52.7% of Dis-Chem’s issued share capital.
Dis-Chem sold 32,000,000 at a price of 35 rand ($2.57) per share through an accelerated bookbuild which was offered only to qualifying investors and not the public.
The bookbuild price is at a 9.3% discount to the pre-launch closing price of 38.58 rand per share on Monday.
The company, which listed in November last year, has grown from a start-up in 1978 to a major health products retailer which runs about 100 stores.
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