Steinhoff brushes off probe and keeps to reporting schedule
Share price slumps as much as 10% as a lack of clarity on criminal and tax probe in Germany concerns investors
The Steinhoff share price slumped as much as 10% on Monday fafter news that the 2017 financial results would be released on Wednesday although the supervisory board and auditors have not yet finalised their review of issues raised by the criminal and tax investigation in Germany. The Steinhoff share, which is listed on the JSE and in Frankfurt, opened in Johannesburg on Monday at about R56 but dropped to R50.25 by the close of trade. Analysts said the JSE retail sector was marginally weaker on Monday but this did not explain the extent of the fall in Steinhoff’s share price. The share has been under considerable pressure during the past 15 months, part of which has been attributed to a legal battle with former European partners. In Monday’s announcement, Steinhoff said that during the review of the matters raised by the German investigation, "No additional information came to light to change the previous views expressed regarding the investigation." Steinhoff’s external auditors and...
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