(Reuters) – The Foschini Group (TFG) said on Tuesday it was looking to raise up to 3.95 billion rand ($235.35 million) through a rights offer to cut its debt, as the South African retailer faces challenges in its core markets.
“The board of directors and management of TFG believe it is prudent and necessary to reduce TFG’s financial indebtedness now by way of the rights offer,” the company said in a statement.
TFG on Monday announced its plan to acquire certain stores and selected assets of Jet from Edcon’s administrators.
($1 = 16.7833 rand)
Reporting by Shanima A in Bengaluru; Editing by Shinjini Ganguli