Steinhoff raises R4.8bn from KAP share sale
Embattled retailer will pump some of the proceeds into its debt restructuring process
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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