Steinhoff sells KAP block, but investors wait for STAR action

Steinhoff International, the embattled South African retail conglomerate, sold a €251m block of shares in KAP Industrial Holdings on Tuesday, as it continues to raise money to plug holes in its balance sheet, but doubt remains about whether much is left to salvage from the business.

  • By Sam Kerr
  • 14 Mar 2018

Standard Bank and Investec were bookrunners on the sale, which Steinhoff said had been multiple times covered.

Before the sale Steinhoff owned 43% of KAP Industrial Holdings, the South African industrial group, which it said had created material value for Steinhoff’s shareholders since 2012.

The company added that ...

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