In partnership with
  • The Ramaphosa Plan

    The president said on Friday that the work "starts now". He wasn't wrong, writes Pieter du Toit.

  • Stimulus recap

    Seven key points in the president's package of economic reforms and spending plans.

  • Supporting role

    Meet the members of President Cyril Ramaphosa's new 10-person advisory panel on land reform.


Steinhoff to sell remaining interests in POCO for R4.7bn

Sep 04 2018 11:25

Steinhoff [JSE:SNH] announced on Tuesday that it would be selling its remaining interest in its subsidairy furniture retailer POCO. 

In April Steinhoff had already agreed to sell half of the German furniture chain to former business partner Andreas Seifert. 

In an update to shareholders on Tuesday, the embattled retailer said its subsidiary LiVest GmbH, which holds the group’s shares in POCO, had entered into a sale agreement with the Seifert Entities by which the Seifert will acquire LiVest’s shares in POCO - certain related properties - for a total consideration of €270.68m (about R4.6bn at current exchange rates).

“In addition, the POCO business will retain debt of approximately €140 million, with no recourse to the group,” said Steinhoff. “The closing of the POCO sale is subject to typical conditions precedent including German and Austrian competition and merger control provisions." 

Steinhoff said the closing of the POCO sale would bring the German litigation proceedings with the Seifert Entities to an end.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter and Facebook. encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

steinhoff international  |  poco  |  companies  |  retail


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think of President Cyril Ramaphosa's economic stimulus plan?

Previous results · Suggest a vote