20 September 2017

South Africa: Steinhoff a Star Listing On JSE

Photo: Courtesy of Steinhoff International
Steinhoff International CEO Markus Jooste resigned with immediate effect after the retail giant's admission of financial irregularities that led to an investigation, and a drop of more than 60% in its shares.

Johannesburg — STEINHOFF Africa Retail (STAR) is the 14th company to list on the Johannesburg Stock Exchange (JSE) this year. It listed on the Broadline Retailers sub sector, whose total market capitalisation is R91,5 billion (US$6,9 billion) nd contributes 1 percent to the overall market capitalisation of the exchange, on Monday.

Prejelin Naggan, Head of Primary Markets at the JSE, said the listing re-emphasised the great potential for growth that Africa continues to offer. "This listing will give both local and international investors the opportunity to get direct exposure to the expanding African market for consumer goods through a liquid and well-regulated platform," Naggan said.

The STAR Group is a retailer servicing the value-conscious consumer in sub-Saharan Africa and operates across sectors including apparel, footwear, household goods, furniture, appliances, consumer electronics and building materials, whilst also providing financial and mobile services.

Some of STAR's well-known brands include Pep and Pep Africa, Ackermans,Bradlows and Incredible Connection. STAR's listing comes after the decision by Steinhoff International Holdings to list the issued share capital of its wholly-owned subsidiary on the JSE.

"The decision to separate Steinhoff's emerging and developed market retail businesses and establish STAR was a natural progression, given the business' distinct strategic and geographic focus," said Ben la Grange, CEO of Steinhoff Retail Africa. -

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