Star not urging Steinhoff to cut its stake, says chairman
It seems likely that Steinhoff International will be keeping its majority shareholding in Steinhoff Africa Retail (Star) for the foreseeable future as agreements with its creditors should rule out the need for urgent asset sales. Star chairman Jayendra Naidoo certainly does not expect the parent company to be a forced seller of the retailer’s shares. Naidoo was speaking during an interview with Business Day after the company obtained approval last week to change its name to Pepkor Holdings and as it considers a life in the not too distant future that may not include Steinhoff as a shareholder. "We are not actively trying to get Steinhoff to reduce their shareholding. The lock-up agreement [Steinhoff is implementing with its creditors] means they will not be compelled to make any substantial payments to their creditors during the period, and I am pleased they are not going to be a forced seller."
Naidoo did acknowledge that Star had received several informal approaches from pot...