Star shareholders overwhelmingly approve name change to Pepkor
The move further distances the retail company from its parent, troubled retailer Steinhoff International
Shareholders of Steinhoff Africa Retail (Star) have approved changing the company’s name to Pepkor Holdings in a move to further distance the company from its crisis-hit parent, Steinhoff International. Parts of Star’s business were formally called Pepkor.
The resolution to change the company’s name received 99.9% of votes from the shareholders present, Star said in a statement on Friday.
Steinhoff International has been fighting for survival after revealing accounting irregularities which sent its shares tumbling and sparked panic about the credibility of Star’s own accounts.
The name change is expected to be announced officially on Sens on Friday August 3.