To enjoy the full Mail & Guardian online experience: please upgrade your browser
02 Oct 2017 17:19
Steinhoff African Retail Limited (Star) with its retailers like Pep and HiFi Corp traded above its share price of R20.50.
Amsterdam-based Steinhoff International raised €1bn - or R16bn - by listing and placing 23.19% of its interests in Steinhoff African Retail Limited (Star) on the JSE, the group said in a notice to shareholders on Monday.
Star officially listed on September 20 and issued 750 million new shares under a private placement in a book that was 4.8 times oversubscribed, raising an aggregate amount of R15.4bn, Steinhoff said.
After the listing, Star shares traded consistently above the listing price of R20.50 per shares.
READ: Steinhoff Africa may raise up to $1.4 billion in JSE listing
Subsequently Citi Bank, Star’s stabilisation manager, exercised a call option to purchase a further 50 000 000 existing Star ordinary shares from Steinhoff for delivery to external Star shareholders under an over-allotment option.
Star, with retail chains such as Pep, Ackermans, Timbercity, Buco, HiFi Corp, Incredible Connection and Shoe City in its stable, was valued at R75.6bn at close of business on Friday.
Steinhoff continues to indirectly hold 76.81% of Star’s issued share capital.
In August, Steinhoff announced its intention to spin off its Africa operations, while at the same time buying an almost 23% stake in Shoprite. The move would enable billionaire Christo Wiese, South Africa’s fourth-richest person and the biggest shareholder in both companies, to combine his retail assets after a proposed merger fell through earlier this year.
Star shares traded 1.23% higher at R22.19 by 13:09 on Monday.
Create Account | Lost Your Password?