Extension by Reserve Bank lifts Steinhoff’s settlement prospects
Shares rise 12%, putting the company on track for the biggest advance since the end of August
18 October 2021 - 11:44
UPDATED 18 October 2021 - 19:10
Steinhoff has received permission from the Reserve Bank to send more money abroad to pay its creditors, boosting the chances that a settlement crucial to its survival will go ahead.
Its share price rose 12.1% in midmorning Monday trade, on track for the biggest advance since the end of August. Steinhoff, which has been battling to stay afloat after shock revelations of accounting fraud that trashed shareholder value and triggered multiple lawsuits, said on Monday morning it had also been granted a longer time frame to send additional funds outside the country...
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