Phumelela shares rise on newsof initiatives to raise capital

Phumelela Gaming and Leisure share price leapt more than 13 percent yesterday after the horse racing and tote betting company announced it is considering capital raising initiatives. Supplied
DURBAN – Phumelela Gaming and Leisure share price leapt more than 13 percent yesterday after the horse racing and tote betting company announced it is considering capital raising initiatives.

The company is targeting broad-based black economic empowerment (B-BBEE) equity ownership.

The group also said it was still engaging with the Gauteng Gambling Board (GGB).

“The company remains under cautionary as engagements with the MEC and the GGB are still in progress,” the group said in a note to its shareholders as it battles to get the report recommendations set aside.

“Should these initiatives be successfully concluded these may have a material effect on the company’s securities,” the group added.

Source: iol.co.za