Steinhoff offers chunk of Star
The company will offer 750-million shares, which will represent as much as 21.74% of Star
Retailer Steinhoff International was offering investors up to 23.2% of its African arm, Steinhoff Africa Retail (Star), which it aimed to list on the JSE on September 20, the company said on Monday.
With Star, Steinhoff lumps food, clothing and furniture chains together to create a listed African retailer. The offering, in a private placement to invited investors, has been priced at R18-R23 a share, valuing the newly listed company at between R62bn and R79bn.
"The listing will be accompanied by a capital raising through a private placement to establish the public shareholding spread and liquidity required by the JSE," Star said on Monday.
The company will offer 750-million shares, which will represent as much as 21.74% of Star, immediately after the listing and a further 50-million shares may be sold to invited investors by a subsidiary of Steinhoff, pursuant to an option.
Merger talks between Steinhoff and Shoprite collapsed in 2017 after opposition from minority shareholders.