Steinhoff International to List Unit on Johannesburg Stock Exchange
August 23 2017 - 9:04AM
Dow Jones News
By Oliver Griffin
South African furniture and household goods retailer Steinhoff
International Holdings N.V. (SNH.JO) said Wednesday it plans to
float its low-cost unit Steinhoff Africa Retail Ltd. on the
Johannesburg Stock Exchange by the end of September.
The unit, which was established in July following an internal
restructuring by Steinhoff of its African retail assets, has 4,800
stores and is focused on value-conscious consumers in sub-Saharan
Africa. It sells a range of items from footwear and clothing to
furniture and electrical items.
For the year ended Sept. 30, 2016 Steinhoff Africa generated
revenue of 51.23 billion South African rand ($3.88 billion) and
earnings before interest, taxes and capital items of ZAR3.49
billion.
Steinhoff International said it plans to offer selected
investors the opportunity to subscribe shares in Steinhoff Africa
via a private placing, without providing any financial details.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
August 23, 2017 08:49 ET (12:49 GMT)
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