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Steinhoff Africa Retail to officially change name to Pepkor in mid-August

Aug 03 2018 15:02
Jan Cronje

Steinhoff Retail Africa, the JSE-listed subsidiary of Steinhoff International, will officially be changing its name to Pepkor Holdings in mid-August, after the name change was approved by both its board and shareholders. 

In Mid-July, 99.99% of the group's shareholders voted for the name change. 

STAR [JSE:SRR], which contains Steinhoff International’s African retail assets – including brands such as Pep, Ackermans, Tekkie Town and Timbercity – first proposed the name change at its an interim results announcement in late March 2018.

It is part of a move to distance itself from Steinhoff International, which has been under a cloud since December 2017 when its CEO Markus Jooste abruptly resigned amid a still ongoing accounting scandal.  

Tuesday August 14 will be the last day the company trades as STAR. On August 15, STAR will stop trading under the share tracker ‘SRR’ in the JSE, and commence trading as 'PPH'. New share certificates will be posted to shareholders on August 20. 

STAR previously said that the Pepkor brand had an "incredible legacy and history of success".

"The historic operations of Pepkor represent the vast majority of the Company’s revenue and operating profit and is therefore representative of the group," it said.

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