Business In The News South Africa

Steinhoff Africa Retail to revert name back to Pepkor

JOHANNESBURG, May 30 – Steinhoff Africa Retail (STAR) announced on Tuesday, that its board has taken a decision to change the company’s name back to Pepkor Holdings, subject to shareholders approval, in a bid to reaffirm the company’s independence from scandal-hit Steinhoff International. Earlier, STAR reported a 12.2 percent increase in headline earnings per share to 52.6 cents for the six […]

Business In The News International South Africa

Angry shareholders demands answers about Steinhoff fraud scandal

Solly Makganoto Johannesburg-  Scandal-hit Steinhoff was on Friday grilled by thousands of angry shareholders during its Annual General Meeting (AGM) in Cape Town. The AGM took place in Amsterdam in the Netherlands, but was live-streamed to the Cape Town International Convention Centre (CTICC) by the embattled global retailer. Shareholders, many of whom lost large sums […]

Business In The News South Africa

Absa Bank denies role in Steinhoff shareholders’ losses

JOHANNESBURG, April 19 – Absa Bank, a wholly-owned subsidiary of Barclays Africa Group Limited (BGL), has distanced itself from compiling or reviewing the financial statements of Steinhoff International, saying that it was only the retailers’ Johannesburg Stock Exchange (JSE) transaction sponsor. This comes after media reports that Dutch Investors Association (VEB) in January launched a class action against […]

Business In The News South Africa

Steinhoff sells 6% stake in STAR, raises R3.75billion

JOHANNESBURG, April 12 – Embattled retailer Steinhoff International said on Thursday that it had raised R3.75 billion after selling off six percent its domestic subsidiary, Steinhoff Africa Retail Limited (STAR), in a bid to reduce debt. Steinhoff on Wednesday launched an accelerated book build offering to place up to 200 million ordinary shares in STAR at R18.75 per share […]

Business Lead South Africa

Former Steinhoff CEO Mark Jooste refuses to appear before SA Parliamentary committees

JOHANNESBURG, March 27 – Former Steinhoff International chief executive, Mark Jooste, on Tuesday refused to appear before four Parliamentary committees probing the accounting irregularities scandal, saying that his appearance would undermine his right to a fair trial. Jooste was supposed to appear before the Standing Committee on Finance; the Standing Committee on Public Accounts; the […]

In The News South Africa

Steinhoff board and management don’t know how accounting scandal happened

PARLIAMENT, January 31 – Steinhoff board and management members were on Wednesday unable to answer questions from MPs on exactly what led to the accounting scandal which saw the international company’s share price drop by more than eighty percent.   “Until we have those reports, not only from statutory auditors, but from the forensic investigations, […]

Business In The News South Africa

Steinhoff says in discussions with potential funders for liquidity

JOHANNESBURG, January 19 – Steinhoff, which is still grappling with a liquidity crunch after accounting irregularities caused investors to flee, said on Friday it was in discussions with potential funders to provide liquidity facilities, including existing creditors and investors. The company said it expected to be in a position to pay cash interest on all […]