The KAP executive team seems a bit frustrated with the Steinhoff stigma they can’t seem to shrug off; unfortunately for them it may be several more months before investors begin to forget about the former close ties that existed between the two entities. Or rather, the ties that existed between key executives in the two groups. It’s also likely to be several months before Steinhoff sells off the remaining 26% stake it has in KAP. That stake has been reduced from 60% in 2012 to nearly 40% earlier in 2018. In March Steinhoff sold 17% in a well-managed book build, which caused minimal disruption to the share price and generated a useful R3.8bn for the troubled global retailer. KAP has an attractive and substantial collection of well-managed industrial businesses and its various African operations have sustained a solid performance despite tough trading conditions. For international investors keen to get exposure to Africa it looks like an ideal entry point. Uncertainty about economic g...

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