Steinhoff International Raises EUR1 Billion via Steinhoff African Retail Float

Steinhoff International Holdings NV (SNH.JO) said Monday it raised 1 billion euros ($1.18 billion) through the sale of 23.19% of its interest in Steinhoff Africa Retail Ltd. (SRR.JO), which floated on the Johannesburg Stock Exchange last month.

The South African furniture and household goods retailer announced plans to float its low-cost unit Steinhoff Africa Retail in August.

The unit, which started trading on Sept. 20, issued 750 million new shares under a private placing raising 15.4 billion South African rand ($1.14 billion).

The unit, which was established by Steinhoff in July following an internal restructuring of its African retail assets, has 4,800 stores and is focused on value-conscious consumers in sub-Saharan Africa. It sells a range of items from footwear and clothing to furniture and electrical items.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

October 02, 2017 02:54 ET (06:54 GMT)