By Adria Calatayud 
 

South African retailer Steinhoff International Holdings N.V. (SNH.JO) said Monday that it plans to place 29.5 million shares in investment company PSG Group Ltd. (PSG.JO) through a bookbuild, as part of its efforts to stabilize and deleverage its accounts.

Steinhoff--which holds a 16% interest in PSG, according to FactSet--said the bookbuild would start immediately and that it could close the placing at any time.

The company said it would issue the shares with institutional investors, subject to certain conditions including achieving an "acceptable" placing price.

The South African retailer said this is part of the refinancing measures it announced last week.

On Jan. 18, Steinhoff said it would seek refinancing as soon as possible for its South African debt and that it planned to sell a limited number of assets to further raise liquidity.

Shares in the company tumbled in December after it disclosed accounting irregularities for its 2017 results and said it will have to restate its 2016 financial accounts.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

January 22, 2018 01:45 ET (06:45 GMT)

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