Steinhoff could raise as much as €1bn (R17.2bn) from the initial public offering of its European discount retail unit, whose equity was wiped out in a multibillion rand accounting fraud. 

Under the deal, announced on Wednesday, Steinhoff will sell as much as a 17.5% stake in Pepco in a price range of €8.35 and €10.11, raising as much as €1bn and valuing the company at up to €5.8bn.  ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now