GRIT shares commence trading on London Stock Exchange

Dolapo Omidire . 8 years ago

GRIT shares commence trading on London Stock Exchange

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Article Summary: The Board of Grit has raised US$132m through a Placing and Offer for Subscription of Ordinary Shares, exceeding its target of at least US$120m. The company made its London Stock Exchange debut on 31 July 2018 with shares starting trading at $1.46.

The Board of Grit has announced that the Company has raised gross proceeds of US$132,094,262 pursuant to its Placing and Offer for Subscription of Ordinary Shares. The company made its intention to seek a listing on the London Stock Exchange last month with the goal of raising net proceeds of at least US$120 million.

Commenting on the result of the fundraising, Bronwyn Corbett, Chief Executive Officer, said:

“We are delighted to be making our debut on the London Stock Exchange and we are proud to be the first London listed pan-African real estate group. Grit has achieved another key milestone in its development and we look forward to continuing to work with our new UK based investors in the years to come as we seek to take advantage of the further opportunities for real estate investment assets in pre-selected African countries.”

Ordinary Shares commenced trading on the Main Market of the London Stock Exchange at 8:00 a.m. UK time on Tuesday, 31 July 2018 and the shares are currently trading at $1.46.