Steinhoff's African assets will list separately on the JSE by the end of next month in a deal that may also result in Steinhoff acquiring a 22.7% stake in Shoprite. The formation of Steinhoff Africa Retail, or Star - the new name for the group's African assets - comes just seven months after a breakdown in merger talks between Shoprite and Steinhoff. Star will include Pep, Ackermans, furniture retailer JD Group and its building-products businesses, but exclude Unitrans Automotive business from the listing "due to its different characteristic and growth drivers", the group said on Friday. Once the African assets currently owned by Steinhoff International, which is dual listed on the JSE and in Frankfurt, are hived off into Star, it will remain a subsidiary of Steinhoff International, the company says. The listing will be accompanied by capital-raising in order to establish the public shareholding spread and liquidity required by the JSE. Given the size of Star's assets, it is likely ...
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