November 8, 2019 / 8:09 AM / 3 months ago

Steinhoff says could issue shares to help settle lawsuits

Nov 8 (Reuters) - South African retailer Steinhoff International said on Friday it might need to issue stock as part of efforts to resolve lawsuits related to an accounting fraud worth an estimated $7 billion.

The retailer said it was preparing its defences in relation to various claims being made against it around the fraud, but would consider early resolution of these including via settlements.

“These arrangements may include, among other options, an equity issuance by Steinhoff,” the company said. (Reporting by Tanishaa Nadkar in Bengaluru and Emma Rumney in Johannesburg; editing by Patrick Graham)

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