Steinhoff International Holdings’ Unitrans Motor Group, which the embattled retailer is in talks to sell, may be valued at as much as $280m, according to people familiar with the matter. The lower end of the valuation range may be about $204m, said two of the people, who asked not to be identified because the negotiations are private. Steinhoff on Thursday said it plans to sell 75% of SA’s largest car dealership to the local unit of Toyota Tsusho Corporation’s CFAO Holdings as it exits businesses that do not complement existing retail franchises. The companies still need to agree terms for the sale, Steinhoff said in a statement. Steinhoff declined to comment on Unitrans Motor’s value, while CFAO would not say what price it may pay. Steinhoff raised about $332m earlier this week as it sold its remaining shares in SA’s KAP Industrial Holdings. That followed similar disposals of stock in Pepkor Holdings, Steinhoff’s African retail operations and investment-holdings company PSG Group. ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now