Cash-strapped Steinhoff sheds another noncore asset, Unitrans
Embattled retailer reaches agreement to dispose of 74.9% of vehicle dealership
Just days after finalising the R4.8bn disposal of its 25% stake in industrial holdings group Kap, cash-strapped Steinhoff International has announced the sale of another noncore asset. On Thursday the embattled retailer, which has been under intense scrutiny since December 2017 when it informed shareholders of suspected “accounting irregularities”, said it had reached an in-principle agreement to sell 74.9% of vehicle dealership, Unitrans Automotive to a subsidiary of Toyota Tsusho Corporation. No details of the value of the deal were released. Unitrans operates through 99 dealerships across SA and sells new and used cars and trucks. It represents brands including Toyota, Ford, Lexus, Hino, Opel, Isuzu, Volkswagen, Audi, Nissan, MAN and Renault. It also operates the Hertz car rental franchise in SA, Botswana, Namibia, and Zimbabwe. In the financial year ended September 2018 the company, which is not listed, recorded revenue of R23.4bn. The vehicle dealership has no ties to Unitrans ...
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