Steinhoff agrees to sell vehicle dealership Unitrans
Deal comes after the embattled global retailer sold shares in KAP Industrial earlier this week
Steinhoff International, which raised R4.8bn by selling shares in KAP Industrial earlier in the week, said on Thursday it would also sell most or all of its interests in vehicle dealership company Unitrans. The embattled retailer, which is in a precarious financial position after discovering “accounting irregularities”, said it had reached an in-principle agreement to sell 74.9% of Unitrans and 100% of the loan claims against Unitrans held by Steinhoff Africa. The value of the potential deal was not disclosed. “Following a strategic review of its operations, Steinhoff resolved to dispose some of its noncore assets, including its shareholding in KAP Industrial Holdings and Unitrans, which has very different business characteristics and growth drivers from the rest of Steinhoff’s retail portfolio,” Steinhoff said.
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