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Steinhoff raises $314m from stake sale in African unit to help cut debt

The company said it sold 200 million shares via an accelerated bookbuild, reducing its holding to 71.01%.

Steinhoff's offices in Stellenbosch. Picture: Supplied

JOHANNESBURG - Troubled South African retailer Steinhoff, raised R3.75 billion rand ($314 million) from the sale of a 6% stake in its domestic Steinhoff Africa Retail (STAR) operation, to reduce debt, it said on Thursday.

The company said it sold 200 million shares via an accelerated bookbuild, reducing its holding to 71.01%.

The sale was at an offer price of R18.75 rand per share, representing a discount of 2.6% to STAR’s closing price on Wednesday.