Steinhoff may consider reducing its stake in Steinhoff Africa Retail
Steinhoff International is considering the sale of part of a R58bn stake in its separately listed African operations as the crisis-hit retailer looks to shore up liquidity, according to two people familiar with the matter. A disposal would follow the South African company’s sell-down of shareholdings in PSG Group and KAP Industrial, which have raised more than $1.2bn since an accounting scandal wiped 90% off Steinhoff’s share price. The owner of Conforama in France and Mattress Firm in the US is in talks with lenders about how to stay in business, and has sought to raise funds from non-core operations. The sale of shares in Steinhoff Africa Retail (Star) would come via an accelerated bookbuild, said the people, who asked not to be identified as the discussions are still private. The move is yet to be approved by the financial regulator and may yet be abandoned, they said. The 77% stake is too large to be sold in one go and the company will initially look to off-load a small portion,...
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