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Steinhoff to meet bankers, provide financial status on Tuesday

Steinhoff is in the throes of an accounting scandal that’s wiped off more than $10 billion of its value over the past two weeks.

Picture: Supplied

JOHANNESBURG - Steinhoff says it will provide further information about its finances following a meeting with bankers on Tuesday.

Steinhoff is in the throes of an accounting scandal that’s wiped off more than $10 billion of its value over the past two weeks.

It's working with a US investment bank to help prepare for the meeting with lenders in London.

Steinhoff, which moved its primary share listing from Johannesburg to Frankfurt two years ago, has been under investigation for suspected accounting fraud in Germany.

On Friday, Steinhoff’s African business said it was preparing to repay $1.2 billion it owes to its parent, a move that would go a long way to plugging a liquidity hole in the group fighting for survival in the wake of an accounting scandal.

Steinhoff, the owner of more than 40 retail brands including Conforama, Mattress Firm and Poundland, is seeking to raise $2.4 billion to shore up its finances.

Steinhoff Africa Retail, spun off this year, said it had appointed FirstRand’s Rand Merchant Bank to arrange the refinancing of about R16 billion ($1.19 billion) in shareholder loans from the parent company.

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