By Maryam Cockar

Steinhoff International Holdings NV (SNH.JO) said Wednesday that the company and VEB/European Investors have agreed to suspend legal proceedings between them in the Netherlands until April 3.

VEB/European Investors sued Steinhoff as a collective in a Dutch court over certain financial statements, prospectuses and press releases which, according to VEB, were incorrect and misleading, Steinhoff said.

South African retailer Steinhoff said the suspension provides the company time to continue the ongoing restructuring of its business, to progress with its investigation into its accounts and prepare financial statements.

VEB/European Investors have agreed to suspend legal proceedings to support the stabilization of Steinhoff's business, which is in the interest of both former and current shareholders, Steinhoff said.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

October 17, 2018 12:30 ET (16:30 GMT)