KAP Industrial is finally seeing an end to the damage from its association with scandal-plagued Steinhoff. The supplier of timber, chemicals, car parts and other industrial products saw its shares slump 6.8% when Steinhoff’s financial wrongdoing was uncovered in December. While KAP, 26% owned by Steinhoff, has since recovered some ground, the stock is still down 13% in the past year. That compares with a 1.9% gain on the broader JSE all shares index To distance itself from the crisis, KAP ended an agreement with Steinhoff to share corporate services, including legal and investor relations, and cancelled an arrangement to co-rent office space earlier in 2018. "The pressure on the management team from funders, analysts, the press, suppliers [and] customers was immense," KAP deputy chair Jo Grove said at the company’s annual results presentation in Johannesburg on Wednesday. "It’s been KAP’s annus horribilis." Steinhoff, which owns Conforama in France and Mattress Firm in the US, condu...
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