January 22, 2018 / 3:36 PM / in 9 months

Steinhoff sells 13.5 pct stake in PSG Group for $587 million

JOHANNESBURG, Jan 22 (Reuters) - South African retailer Steinhoff said on Monday it had sold its 13.5 percent stake in investment firm PSG Group for 7.1 billion rand ($587 million) as it scrambles to plug a liquidity gap after it disclosed “accounting irregularities”.

The group, which owns more than 40 brands, such as Conforama, Mattress Firm and Poundland, said it had sold 29.4 million shares in PSG in an accelerated bookbuild.

Steinhoff, which owned 16 percent of PSG, now owns about 2.5 percent in the firm. ($1 = 12.1000 rand) (Reporting by Nqobile Dludla; Editing by Adrian Croft)

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