Steinhoff International may raise about R7.2bn by selling 29.5-million PSG shares via an accelerated bookbuild. PSG’s share price was down 3.75% at R244 at 9.35am on Monday, while Steinhoff’s was up 8.4% at R8.25, shortly after the announcement was made. Steinhoff said it had appointed PSG Capital and Standard Bank to place its shares. The price that institutions are willing to pay will probably be announced later on Monday. Steinhoff said the placing would not go ahead if it did not receive acceptable bids. The furniture group’s share price rallied 9.65% to €0.56 in Frankfurt on Friday after announcing it had raised €60m from South African banks to support short-term financing for its European operations. The sale represents about 12.75% of PSG's 231.4-million shares in issue. On December 20, PSG said Steinhoff had cut its holding in the financial services group to 16% from 25.5% following sale of 20.6-million shares. On December 6, shortly after Markus Jooste resigned as Steinhoff...
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