Source: NSSA increases shareholding in RTG | The Financial Gazette February 28, 2018
THE Rainbow Tourism Group’s $22,5 million rights issue has been partially subscribed amid indications that the National Social Security Authority will increase its shareholding in the listed hotel group.
NSSA currently holds over 60 percent shareholding in RTG.
RTG company secretary Napoleon Mtukwa on Monday said the group’s rights offer netted $12,7 million, which is 56,52 percent subscription rate resulting in the underwriter – NSSA – chipping in with $9,8 million.
“The rights offer shares and debentures will be issued and listed on the Zimbabwe Stock Exchange with effect from February 26, 2018,” he said.
The hotel group will now proceed to use the capital raised from the rights issue and the debenture will go towards servicing some of the group’s “legacy debt”, which has been weighing down the group’s financial performance for years