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Steinhoff could consider raising equity – CEO

As the retailer looks to reduce its debt and financing costs.
Image: Bloomberg

South African conglomerate Steinhoff International Holdings could consider an equity issue, its CEO said on Friday, as the retailer looks to reduce its debt and financing costs.

At an annual shareholder meeting, chief executive officer Louis du Preez was asked whether the company would consider an equity issue once it has settled about 90 separate legal claims against it following a 2017 accounting scandal.

“One of the options that we will potentially look at, there are many options, is potentially an equity raise. Obviously no decision has been made in that regard,” he told shareholders, without elaborating on what the funds might be used for.

The furniture and clothing retailer is preparing to meet the costs of a $1 billion global lawsuit settlement plan by selling some of its majority-owned African subsidiary’s shares, among other steps.

South Africa-headquartered and Netherlands-registered Steinhoff has been selling off assets and planning to list its Pepco Group discount retailer business to reduce debt and financing costs.

Read: Steinhoff to proceed with Pepco IPO on Warsaw stock exchange

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I won’t spend one cent on your shares before you come clean on what exactly happened in the past. And clearly you have no wish to disclose the contents of the PwC report and to prosecute the guilty parties. So thanks but no thanks to your rights issue.

I feel the very same, very sad that NO one has been held accountable for the hurt that we had to go through. Absolutely heartbreaking.

I m totally disgusted and heartbroken. This company has caused me so much grief, my health has suffered terribly because of losing my pension and now lost my income due to travel bans being a travel agent. I should have been able to fall on my pension money at 63 but have now have just have depression.

Good luck with this idea!

End of comments.

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