April 19, 2018 / 8:11 AM / 4 months ago

Steinhoff Africa Retail expects unit to issue shares to help repay loans

JOHANNESBURG, April 19 (Reuters) - Steinhoff Africa Retail (STAR) said on Thursday it expects one of its subsidiaries to repay part of the loans it owes its majority shareholder Steinhoff Africa Holdings by issuing preference shares to South African financial institutions.

“The subscribers have indicated that they are willing to subscribe for preference shares with an aggregate subscription price of approximately 6 billion rand ($503 million) subject to the fulfilment of certain conditions precedent,” STAR said in a statement.

At the end of Sept. 30 its shareholder loans amounted to approximately 16 billion rand, it said in December.

$1 = 11.9255 rand Reporting by Nqobile Dludla; editing by Jason Neely

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