South Africa's Brait to raise $541M via convertible bond to fund M&A

South African billionaire, Christoffel Wiese, owns about 35 percent of Brait.

South African investment house Brait SE is to raise 350 million pounds ($541 million) via a convertible bond to fund acquisitions, it said on Friday, putting its shares on course for their biggest one-day fall in nearly a year.

Brait, which owns gym chain Virgin Active and Britain’s clothing retailer New Look, is aiming to set the conversion price at a premium of between 30 percent and 35 percent to the current price.

Shares in the company, which is also listed in Luxembourg, fell 7.3 percent to 130.76 rand, on track for their biggest daily percentage fall since November last year.

Read more: South Africa’s Brait to raise $541 mln via convertible bond to fund M&A | Reuters