Steinhoff International has raised R4.8bn by selling its remaining 26% stake in KAP Industrial Holdings, the embattled retailer said on Wednesday.
“Steinhoff intends applying the proceeds from the sale to meet its various obligations, including, but not limited to, those arising from its announced debt restructuring process, and to ensure its business platforms are appropriately funded,” it said on Tuesday. The bookbuild, which was oversubscribed, came just over a year after Steinhoff sold the first tranche of its 43% holding in KAP.
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