Steinhoff sells part of stake in South Africa's KAP to cut debtStaff Writer | March 13, 2018
Crisis-hit South African retailer Steinhoff will sell part of its $800 million stake in KAP Industrial to shore up its finances and pay down debt.
Africa Steinhoff said it would sell 450 million shares
The company has said it plans to raise around 2 billion euros ($2.47 billion) from the sale of non-core assets and the proceeds of debt repayments from its African unit Steinhoff Africa Retail to plug a hole in its balance sheet.
Steinhoff has already raised around $729 million from the sale of stakes in South African investment firm PSG Group, French online retailer Showroomprive.com, as well a property in Austria.
The company said it would sell 450 million shares, or a 17 percent stake, in KAP via an accelerated bookbuild - reducing its holding to 26 percent - to raise cash for repaying debt. ■