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Village main reef Bond sale to fund investments

By Bloomberg

Village Main Reef planned to sell bonds within the next two months to fund investments and acquisitions, joint chief executive Marius Saaiman said yesterday. It was too early to say how much the company would seek to raise, he said. “We’re really putting a plan in place to allow us to access the debt market as and when we require funding for investments and acquisitions.” South African companies are selling record amounts of debt to lock in the lowest borrowing costs in more than 30 years. Northam Platinum sold R1.25 billion of three-year floating-rate debt in August and DRDGold raised R165 million in the quarter to September. Village Main Reef closed 4c lower at R1.22 yesterday. – Bloomberg

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