Steinhoff. Picture: SUPPLIED
Steinhoff. Picture: SUPPLIED

Steinhoff International raised R3.75bn by selling 6% of its JSE-listed subsidiary Steinhoff Africa Retail (Star), it said on Thursday morning.

Steinhoff announced on Wednesday that it intended selling 200-million Star shares via an accelerated book-build, thereby reducing its stake in the holding company of Pep, Ackermans, Tekkie Town and other retail chains to 71% from 77%.

Institutions that bought the Star shares paid R18.75 per share, a 2.65% discount to Wednesday’s closing price of R19.26.

Steinhoff unbundled its South African retail chains by listing Star on the JSE in September 2017.

Star’s share price plunged from nearly R26 to R15 in December in tandem with its parent following the admission by Steinhoff of an accounting scandal that led to the departures of CEO Markus Jooste, chairman Christo Wiese and chief financial officer Ben la Grange who doubled as Star’s CEO.

Steinhoff’s share price rebounded 1.14% to €0.18 in Frankfurt on Wednesday, which equates to about R2.66 at the R14.79 to the euro the rand was trading at ahead of the JSE’s opening.

This indicates Steinhoff may rise on the JSE from Wednesday’s R2.41 closing price.

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