Agribusiness services company AWB Ltd
(ASX:AWB) has raised $220 million from institutional investors following the completion of its institutional offer.
The company raised $120 million under the institutional offer and $100 million under the institutional placement.
Managing director Gordon Davis says the institutional offer was significantly oversubscribed with strong demand from both new and existing institutional shareholders.
Mr Davis says the company is pleased with the positive response from shareholders which demonstrates their ongoing support for AWB and the company’s ability to attract new investors.
The new shares will be issued on October 8.
The retail component of the entitlement offer opens on Friday October 2 and is expected to close on October 21, raising approximately $249 million.
Shares will be offered to retail investors at the same price as the institutional offer.
AWB has posted inconsistent net profits over the last five years.
