Steinhoff to cut stake in Pepkor

Steinhoff, which is offering a settlement of R24bn to claimants that lost billions when its share price collapsed in the wake of fraud, has announced the sale of 370-million Pepkor shares, amounting to 10% of Pepkor’s issued share capital. It currently holds 68% of SA’s highly successful Pepkor business, which includes profitable brands such as Ackermans. The sale is expected to raise money towards the payout. If the settlement goes ahead, Steinhoff will also give 300-million shares to claimants and this, along with the share sale, will reduce its shareholding in Pepkor to 50.1%.