Subscribe to industry newsletters

Search jobs

Steinhoff raises R15.4bn ahead of Star listing

Steinhoff International said on Friday it had raised at least R15.4bn for its African retail assets, which it plans to list separately on the JSE on Wednesday.

Image credit: Financial Mail
Image credit: Financial Mail
The proceeds were raised though the private placement of 750-million shares at R20.50 per share, which will represent 21.74% of the total issued shares for Steinhoff Africa Retail (Star) after the listing.

Empowerment group Lancaster Group has been allocated 302,439,024 shares to tune of R6.2bn as the part of the group's commitment to support black economic empowerment.

Star will have a market capitalisation of about R70.7bn, based on total of 3.45-billion shares in issue. The proceeds would be used distributed to subsidiaries of Steinhoff International.

Star's retail brands include Pep and Ackermans, which sell mainly clothes, and JD Group, which houses furniture retail chains.

Source: BDpro




SOURCE

I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za

Let's do Biz