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JOHANNESBURG, March 27 (Reuters) – South African troubled retailer Steinhoff International Holdings NV announced Wednesday that it raised 4.8 billion rand (332 million USD) from the sale of its 26 percent stake in KAP Industrial Holdings Ltd.
The company sold 694 million KAP shares at 6.85 rand per share, a 9.4% discount to Tuesday's closing price. The demand book was oversubscribed, Steinhoff said in a statement.
Steinhoff said Tuesday he wants to raise money to pay down debt and strengthen his finances.
In December 2017, Steinhoff admitted accounting irregularities, wiping out about 85% of its market value and plunging them into a liquidity crisis.
The company sold its stake in KAP in March 2018 after placing 450 million shares, or 17%, also via an accelerated bookbuild to fill a liquidity gap.
Steinhoff, whose brands include Conforama, Mattress Firm and Poundland, has already sold badets including its Polish Kika / Leiner unit, as well as stakes in the PSG investment holding and the KAP industrial group.
1 $ = 14,4535 rands
Report by Olivia Kumwenda-Mtambo; Edited by Subhranshu
Sahu
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