Steinhoff. Picture: SUPPLIED
Steinhoff. Picture: SUPPLIED

Steinhoff International, which is still battling to recover from the accounting scandal that cost investors billions of rand just more than three years ago, will proceed with the listing of its European discount retailer after getting approval from its creditors.

Pepco, which serves more than 50-million customers a month from more than 3,200 stores across 16 EU countries, will list on the Warsaw Stock Exchange, Steinhoff said in a statement on Monday.

Pepco intends to attract institutional investors such as pension funds and retail investors in its initial public offering, the date of which is yet to be announced.

Steinhoff, which has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE, is seeking to reduce its debt burden, which stood at €10bn in its 2020 financial year.

Rocked by one of the biggest corporate scandals in recent years, the company has previously said it was also weighing the option of listing the Fantastic Group, Australia’s furniture and bedding retailer.

The SA company is also saddled with legal claims, amounting to more than R130bn, stemming from the precipitous decline in the value of its share price in late 2017 when the news of accounting scandal came to light, prompting the resignation of then CEO Markus Jooste.

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