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The KAP Industrial share price closed marginally stronger at R8.56 on Tuesday following an announcement by Steinhoff that it had successfully placed 450-million shares at R8.15 each.
The placement, which Steinhoff said was "multiple times oversubscribed", raised about R3.7bn for the cash-strapped retail group. The proceeds will be used to redeem or repay debt within Steinhoff’s South African subsidiaries. The placed shares represented a big chunk of Steinhoff’s 43% holding in KAP.
The KAP share has been in a volatile trading pattern since Steinhoff warned shareholders of accounting irregularities in early December. Although Steinhoff was not involved in the management of KAP, its holding was considered sufficient reason to cause some contagion.
Traders said the share has been under pressure since early December as the market realised a sale by cash-strapped Steinhoff was inevitable but it was concerned about the manner it would be implemented.
In a Sens statement released on Tuesday...
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