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New Europe Property eyes 2.5B South African rand raising from share issuance

is planning to issue and list 16,129,032 new shares on July 18 following a book-buildclosing.

The companyinitially planned to raise approximately 1 billion South African rand from the equityraising, but increased the target to 2.5 billion rand on the back of strong demand,according to a news release.

The newshares, which will be listed on the Johannesburg bourse, were priced at 155 randapiece at a 3.7% discount to the July 12 closing price. The shares will be creditedas fully paid and rank pari passu with the existing issued shares.

New EuropeProperty said in a separate news release that it intends to offer the shares toqualifying investors. Macquarie Capital South Africa and Java Capital served asthe joint book runners and joint lead managers.

As of July 13, US$1 was equivalentto 14.44 South African rand.