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Pioneer issues shares to black investors

Pioneer Food Group said on Monday, 19 March 2012, it had issued 18,091,661 ordinary shares to black investors as part of its broad-based black economic empowerment (B-BBEE) deal following the fulfilment of the conditions precedent.

The implementation of the remainder of the transaction relating to the issuing of 10,599,998 Pioneer Foods shares to a BEE trust founded by the company is currently in progress, the consumer goods group said in a statement.

It is anticipated that these shares will be issued and listed towards the end of March this year.

Source: I-Net Bridge

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