# Pick n Pay announced it would sell down a further 11.5-percent of its subsidiary Boxer chain worth up to 4.7-billion-rand to shore up its balance sheet and ensure the turnaround under Sean Summers is seen to fruition. The announcement would see the chain end up with about 54-percent of Boxer, from the current more than 65-percent. The group adds it is committed to retaining a controlling stake in Boxer as it continues to be a key engine of value creation for the group and its investors.
Pick n Pay sells R4.75-billion of its interests in Boxer chain to shore up its turnaround