Fate of revived Pepkor uncertain
Conflicting views on speciality unit sow division as attempts are made to cut brands from Steinhoff
From the vestiges of Steinhoff International there's one asset above all in which stakeholders are interested. It's the company's controlling stake in its African operation, Steinhoff Africa Retail (Star), and in particular Pep stores, which has more than 5000 outlets. The Christo Wiese-founded retailer is the jewel among Star's retail brands. In trying to distance itself from the ruinous reign of the Markus Jooste-led parent, it's not surprising that Star has chosen to rebrand itself as Pepkor. The dual-listed Steinhoff has been brought to its knees since last December's revelations around accounting irregularities to the tune of billions of rands. The stock has plunged more than 90% this year and now trades at its lowest levels yet. Its Johannesburg-listed subsidiary has fared far better, gaining almost 16% this year, reflecting the higher value placed on the stock. But in creating Pepkor 2.0 and distancing itself from the largest corporate scandal in South Africa's history, Star ...
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