Published: September 4, 2014
South African canned food company could raise ZAR600mn with upcoming IPO.
Rhodes Food Group, a South African canned food company, plans to list on the Johannesburg Stock Exchange.
Its listing should raise some ZAR600mn (US$56mn). Announcing the offering, chief executive Bruce Henderson said the proceeds will be used to strengthen the company's balance sheet and provide new funds for acquisitions.
The company, which operates in South Africa and Swaziland, sells goods in several Sub-Saharan African countries as well as international markets including Europe, the US and the Middle East.
Morgan Stanley, Rand Merchant Bank and Renaissance Securities are running the IPO as joint global coordinators and joint bookrunners.