Steinhoff plummets as shareholders may end up with nothing
Deal with the retail holding company’s main lenders will give them 80% of the embattled firm and all of the voting rights
15 December 2022 - 10:32
UPDATED 15 December 2022 - 12:43
Steinhoff International Holdings’ share price more than halved on Thursday after the beleaguered retail holding company said its main debtholders will take majority control, leaving shareholders with no more than 20% and possibly even nothing.
The shares closed the session 64% lower at 58c, as investors scrambled to unload the stock, with just over 56.7-million shares traded. The stock is down almost 90% this year...
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