April 12, 2018 / 5:48 AM / 7 months ago

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

JOHANNESBURG, April 12 (Reuters) - Troubled South African retailer Steinhoff, raised 3.75 billion rand ($314 million) from the sale of a 6 percent 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 percent.

The sale was at an offer price of 18.75 rand per share, representing a discount of 2.6 percent to STAR’s closing price on Wednesday.

$1 = 11.9585 rand Reporting by Nqobile Dludla; editing by John Stonestreet

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