March 13, 2018 / 6:08 AM / 2 months ago

Steinhoff to place up to 450 mln shares in KAP Industrial

FRANKFURT, March 13 (Reuters) - South African retailer Steinhoff International said on Tuesday it was placing up to 450 million shares in KAP Industrial in an accelerated bookbuilding as part of its efforts to plug a liquidity gap.

The placement will reduce its holding in KAP to 26 percent from 43 percent, which it said it still viewed as a strategic investment.

Steinhoff in December admitted “accounting irregularities”, wiping about 85 percent off its market value. It raised 7.1 billion rand ($601 million) from the sale of a stake in investment firm PSG Group in January. ($1 = 11.8133 rand) (Reporting by Maria Sheahan; Editing by Subhranshu Sahu)

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