Kap shares fall the most after Steinhoff share sale
Chemical and logistics group CEO says Steinhoff was a fantastic shareholder after remaining 26% stake is sold
27 March 2019 - 18:35
Kap Industrial’s share price on Wednesday recorded its sharpest fall in three years following an announcement that Steinhoff had sold its remaining 26% stake. However, news that Steinhoff would get a R4.8bn cash injection from the transaction helped to lift the embattled retailer’s shares by 4.57% to R1.83. The chemical and logistics group’s share price fell as much as 8.2% in intraday trade. It closed 7.41% lower at R7.
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