Steinhoff International said on Friday that it had raised about R4.7bn by reducing its interest in PSG Group.

The embattled multinational consumer goods group has reduced its shareholding in the investment group from 25.5% to 16% to shore up its liquidity.

Steinhoff has been battling to put out fires since the resignation of its CEO Markus Jooste last week, amid an accounting scandal that has cost shareholders dearly.

The total value of Steinhoff shares lost as much as R215bn on the JSE, triggering a backlash that has led to several investigations into the company, which has a footprint in more than 30 countries.

Steinhoff was down 10% to R8.04 in late trade on the JSE, and PSG had shed 4.56% to R236.60.

Steinhoff shareholders were advised to exercise caution when trading in its shares, pending the conclusion of the PSG sale, which takes place next Friday.

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