Steinhoff. Picture: BLOOMBERG/DWAYNE SENIOR
Steinhoff. Picture: BLOOMBERG/DWAYNE SENIOR

Steinhoff International has raised R4.8bn by selling its remaining 26% stake in KAP Industrial Holdings, the embattled retailer said on Wednesday.

The group, which announced the accelerated bookbuild on Tuesday afternoon, offloaded 694.2-million KAP shares.

“Steinhoff intends applying the proceeds from the sale to meet  its various obligations, including, but not limited to, those arising from its announced debt restructuring process, and to ensure its business platforms are appropriately funded,” it said on Tuesday.

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The group said on Wednesday the shares were placed at R6.85 each, a discount of 9.4% to KAP’s closing price on Tuesday.

The bookbuild, which was oversubscribed, came just over a year after Steinhoff sold the first tranche of its 43% holding in KAP. 

Steinhoff acquired a 60% stake in KAP, whose operations include automotive components, bedding, polymers and passenger transport, in 2012 in exchange for industrial assets.

But KAP has been trying to distance itself from Steinhoff, which has been at the centre of SA’s biggest corporate scandal.

hedleyn@businesslive.co.za

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