Steinhoff raises R4.8bn in share sale | Fin24
] managed to raise R4.8bn by placing over 600 million of its shares in KAP Industrial Holdings on offer.
The retailer on Tuesday placed the 694 206 661 shares on offer, with the goal to raise funding to help fulfill its debt obligations and to ensure its business platforms are"appropriately funded".According to a shareholder notice issued on Wednesday morning, the group said each of the shares went for R6.85.
The offering was oversubscribed. This means that Steinhoff has effectively sold off its 26% stake in KAP. Any KAP board members nominated by Steinhoff will resign if its stake is reduced, the group said in a previous notice.Steinhoff's share price, which opened at R1.78 was trading 5.14% higher at R1.84 by 09:15.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff raises R4.8bn from KAP share saleEmbattled retailer will pump some of the proceeds into its debt restructuring process
Read more »
Case opened over R4 tip for ‘hungry Africans’The tip was left by white teenage customers to their black waiter at a restaurant in East London.
Read more »
Teens leave Spur waiter R4 'tip for hungry Africans'
Read more »
JUST IN: Court victory for AYO in PIC R4.3bn repayment caseThe Companies and Intellectual Properties Commission's order against the Public Investment Corporation to recoup R4.3bn from AYO Technology Solutions has been declared unlawful by the Pretoria High Court.
Read more »
AYO Technology compliance notice set asideRegulators wanted Ayo to repay nearly R4.3-billion, within a matter of weeks.
Read more »
Court victory for Ayo in PIC R4.3bn repayment caseThe Companies and Intellectual Properties Commission (CIPC) order issued to the Public Investment Corporation (PIC) to recoup R4.3-billion from Ayo Technology Solutions has been declared unlawful by the Pretoria high court.
Read more »
JUST IN: AYO wins R4.3bn repayment case | IOL Business ReportJudge van der Westhuizen ruled that the compliance notice issued on February 21 to the PIC should be set aside.
Read more »
Court declares PIC compliance notice to recover R4.3bn from Ayo unlawfulIn February, the Companies and Intellectual Property Commission issued the order to the PIC to retrieve all the money invested in Iqbal Survé’s Ayo Technologies.
Read more »
PIC and Ayo Technology win case as attempts to recoup R4.3bn declared unlawfulThe CIPC's case against PIC and AYO Technology Solutions was dismissed with costs.
Read more »
PIC welcomes court ruling on AYO Technology’s R4.3bn debtThe PIC had asked the high court to set aside the notice, saying the CIPC did not give it adequate time to comply
Read more »