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Bloomberg
Steinhoff International Holdings NV raised $332 million by selling its remaining shares in KAP Industrial Holdings Ltd as the embattled retailer looks to shore up its balance sheet.
The owner of Conforama in France and Mattress Firm in the US sold its 26 percent stake in the South African industrial company at a 9.4 percent discount, Steinhoff said. The company said the proceeds will help ensure it has enough cash to fund other units as it seeks to restructure debt.
The move follows similar disposals of stock in Pepkor Holdings Ltd, Steinhoff’s African retail operations, and investment holdings company PSG Group Ltd Steinhoff sold almost 3.7 billion-rand worth of KAP shares a year ago.