Metcash (ASX:MTS) set to raise $330 million

Company News

by Rachael Jones

Metcash (ASX:MTS) today announced the launch of an Equity Raising of up to $330 million through which Metcash is seeking to strengthen its balance sheet and enhance liquidity.

The shares with institutional investors will be at $2.80 per share, which equals a 7.9 per cent discount to the last closing price.

They report their food sales trajectory pre COVID-19 has continued to improve and there was a significant uplift in sales in March / early April reflecting a change in consumer behaviour related to COVID-19 restrictions.

Hardware sales declined 1.3 per cent in the five months ended March 20202, which is an improvement on the decline in 1H20 of 4.2 per cent.

Shares in Metcash (ASX:MTS) are in a Trading Halt - Last traded at $3.04