Steinhoff said it had raised R7.3-billion from the sale of 370 million Pepkor shares towards the settlement of the 2017 share price crash that cost shareholders billions of rands.
Steinhoff shares closed 3.38% higher, while Pepkor shares fell by 7.96% on the JSE yesterday.
The retailer is essentially selling its crown jewel to help fund the R25-billion settlement, which was approved by shareholders during creditors class meetings held last week.
On Monday, Steinhoff announced the disposal of 10% of Pepkor, the owner of discount fashion stores and Pep and Ackermans, through the sale of up 370 million Pepkor shares.
The group said its interest in Pepkor would be reduced to about 50.1% from 68.2% following the conclusion of the placing.
Steinhoff said the shares were placed at a price of R19.75 per share, a 9% discount to the pre-launch closing share price of ordinary shares of no par value in Pepkor at market close on Monday.
“Steinhoff continues to view Pepkor as a strategic investment for the group, but will conclude the placing in line with the objective of facilitating the implementation of the proposal,” said Steinhoff.
The sale of the shares comes days after Steinhoff received overwhelming support for the settlement from shareholders from both South Africa and the Netherlands last week.
