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Steinhoff likely to list in Frankfurt in June

Mar 04 2015 15:03

Antique furniture

Company Data

Steinhoff International Holdings NV [JSE:SNH]

Last traded 1
Change 0
% Change -3
Cumulative volume 5974154
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Furniture group Steinhoff [JSE:SHF] is likely to move its primary listing to Frankfurt by June, its CEO said, after the floatation was delayed due to its $5.7bn deal to buy clothes retailer Pepkor in November.

Johannesburg-based Steinhoff has been seeking a listing in Europe, where it makes the bulk of its profits, to enhance its capital structure. But plans to list the business were put on hold after Steinhoff announced the Pepkor deal.

"We expect the Pepkor transaction to be completed in the next three weeks. It looks like we could list in Frankfurt in June," Steinhoff chief executive Markus Jooste told the Reuters Africa Investment Summit this week.

Jooste also said the Pepkor transaction would help the group tap the fast growing apparel market in Africa, where it operates across 16 countries targeting the lowest income bracket.

"I am positive about Africa - the growth rate that it delivers is still second only to China, so, you cannot ignore that," he said.

WATCH Steinhoff CEO Markus Jooste on results.

steinhoff international  |  retail
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