Steinhoff sells off stakes in KAP for $332 million

South Africa’s Steinhoff International Holdings N.V. said it has sold off its shareholding in KAP Holdings.

According to the value of the shares, the company would have raised about $332 million.

In a statement to confirm the share sales, Steinhoff referred its shareholders to its announcement released on SENS on 26 March 2019 regarding the launch of an accelerated bookbuild offering to place up to 694,206,661 ordinary shares in KAP Industrial Holdings Limited.

"Steinhoff has successfully placed the Placing Shares at a price of R6.85 per Placing Share raising total gross proceeds of R4.8 billion (c. EUR293 million). The book of demand was oversubscribed. The Placing Price represents a discount of c. 9.4% to the KAP closing price on 26 March 2019.

Accordingly, the Placing Shares, constituting approximately 26% of KAP’s issued share capital, will be allocated in terms of the Placing, resulting in the Company no longer holding a direct interest in KAP.

Settlement of the Placing is expected to occur on Monday, 01 April 2019.

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group."

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