Steinhoff completes disposal of Austrian subsidiary Kika-Leiner

Retailer Steinhoff has completed the sale of Kika-Leiner property, the group said in a notice to shareholders on Monday afternoon.

The retailer had announced intentions to sell the Austrian subsidiary in July this year.

At the time CEO Danie van der Merwe said the Kika-Leiner businesses were loss-making and required "significant investment" to turnaround, Fin24 previously reported.

• READ: Steinhoff proceeding with sale of Austrian subsidiary Kika-Leiner

"Further to the company's announcements on 22 June 2018 and 13 July 2018 in respect of the agreed sale of the Kika-Leiner operating companies and property companies, the company is pleased to announce that the sale of the Kika-Leiner property companies to SIGNA Group has today been completed," the notice read.

The Steinhoff share which opened at R2.01 on Monday was trading 1.50% weaker at R1.97 at around 16:25, after the announcement was made. By 16:45 it was trading at R1.98.

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