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.