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Shares in KAP Industrial fall 8% on Steinhoff woes

Industrial group says that while Steinhoff is a major shareholder, it doesn’t have control.
KAP says it's independently managed and should be unaffected by recent announcements around Steinhoff. Picture: Supplied

Shares in South Africa’s KAP Industrial Holdings fell to an 11-month low on Wednesday as companies related to Steinhoff fell out of favour with investors following the resignation of its chief executive amid an accounting probe.

Read: Steinhoff shares plunge after CEO Markus Jooste quits

The share price was down 7.7% at R8 by 1358 GMT, prompting the logistics and industrial group to say that while Steinhoff is a major shareholder, it did not have control.

 

KAP share performance

 

“KAP is independently managed, controlled and funded and as a result should be unaffected by these recent announcements,” the company said in a statement. 

Read: Brait falls sharply on Steinhoff woes

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