The President took charge of the crisis, showed the authoritarians in Cabinet that he's still the boss, writes Adriaan Basson.
Showers early. More sun than clouds. Cool.
Following the reduction of Steinhoff's 26% indirect stake in KAP Industrial Holdings, its executives on the KAP board tendered their resignations.
Steinhoff announced on Thursday that it had reached an in-principle agreement to sell 74.9% of Steinhoff Africa’s shares in automotive dealer network Unitrans.
Steinhoff intends to sell over 600 million of its shares in KAP Industrial Holdings in an accelerated book build which would raise funds needed for it to meet its various obligations.
Less than 24 hours after announcing that it had decided to sell part of its stake in KAP Industrial Holdings, Steinhoff announced it had raised R3.667bn.
Steinhoff's Unitrans Motor Group, which the embattled retailer is in talks to sell, may be valued at as much as $280m (R4bn at current exchange rates), according to people familiar with the matter.
Steinhoff managed to raise R4.8bn by placing over 600 million of its shares in KAP Industrial Holdings on offer.
KAP Industrial is finally seeing an end to the damage from its association with scandal-plagued Steinhoff International.
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Cape TownHire ResolveR650 000.00 - R750 000.00 Per Year
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