Steinhoff Starts Sale of $321 Million of Shares in Africa Unit

Steinhoff International Holdings NV started the sale of 200 million shares in the embattled retailer’s African operations to settle debt and further shore up its balance sheet following an accounting scandal late last year.

The move follows similar disposals of stock in South Africa’s KAP Industrial Holdings Ltd. and investment holdings company PSG Group Ltd. The fund-raising initiatives are enabling Steinhoff to buy time from creditors as the owner of Conforama in France and Poundland in the U.K. struggles to recover from a 95 percent stock-price crash.

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