Steinhoff raises R3.75bn in first Steinhoff Africa block

The South African equity market got the trade it had been waiting for this week when Steinhoff International, the embattled retail conglomerate, sold a portion of its stake in Steinhoff Africa Retail, the African subsidiary it span off last year, to raise funds to reduce its debt.

  • By Aidan Gregory
  • 12 Apr 2018

Bookrunner Investec launched the sale after the market close in Johannesburg on Wednesday evening. The deal consisted of 200m shares, a 6% stake in STAR.

The trade was priced at R18.75, a discount of 2.6% to the previous R19.26 close, making the deal worth R3.75bn (€254m).

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