Steinhoff Africa Retail Dismisses Alleged Claim Over Tekkie Town Acquisition

Date : 17/05/2018 @ 01:46
Source : Dow Jones News

Steinhoff Africa Retail Dismisses Alleged Claim Over Tekkie Town Acquisition

By Adam Clark

 

Steinhoff Africa Retail Ltd. (SRR.JO) said on Wednesday that it hasn't received any legal documents relating to an alleged claim from the founders and former shareholders of South African shoe retailer Tekkie Town over an earn-out agreement.

Steinhoff Africa Retail said that based on legal advice, it believes it isn't party to any earn-out agreement and there is no reasonable prospect of it being held liable.

In 2016, Steinhoff International Holdings NV (SNH.JO) acquired Tekkie Town for an undisclosed amount. Tekkie Town was subsequently transferred to Steinhoff Africa Retail.

 

Write to Adam Clark at adam.clark@dowjones.com

 

(END) Dow Jones Newswires

May 16, 2018 11:31 ET (15:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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