Pretoria, 04 Aug-(ANA)-Specialist investment banking group Investec has said that it would place up to 22 million new shares in the market as South Africa's recession is expected to hit profits.
The group said the move is to strengthen its balance sheet and buy back debt at a discount. It is hoped to raise some R1.15 billion (US$148 million).
Media reports say the share price had climbed by 130% since March, when they were at five-year lows.
Initially the share price fell, but recovered, leaving the price at ZAR52,40 on the JSE (Johannesburg Stock Exchange).
Investec has operations in SA, UK and Australia and is also listed on the London Stock Exchange. (ANA)
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