Steinhoff raises R7.3bn from Pepkor shares as part of settlement offer
The 370-million shares represent almost a tenth of retailer’s capital
Steinhoff has raised R7.3bn through the sale of portion of its stake in Pepkor as part a plan to raise money to fund a recently approved settlement deal for investors and shareholders who lost their money to SA's biggest corporate scandal.
The sale of 370-million shares, or 9.9% of Pepkor, at R19.75 each — a 9% discount to price before the launch of the placement — alongside the issue of an additional 300-million shares to investors who chose the stock rather than cash, will slash Steinhoff's holding in SA’s largest non-grocery retailer to about 50.1%, from 68.2%...
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