Steinhoff Sells 20.6 Million Shares in PSG Group
16 December 2017 - 01:51AM
Dow Jones News
By Oliver Griffin
Steinhoff International Holdings N.V. (SNH.JO) said on Friday
that it has sold 20.6 million shares in PSG Group Ltd. (PSG.JO) for
approximately 4.7 billion South African rand ($348.6 million).
The shares were sold at a price of ZAR230 a share, Steinhoff
said, and the proceeds will be used to support operational
activities.
Steinhoff said on Dec. 6 that Chief Executive Markus Jooste had
resigned amid an investigation into accounting irregularities,
prompting shares to plunge more than 50%.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
December 15, 2017 09:36 ET (14:36 GMT)
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