Steinhoff execs resign from KAP board

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Two Steinhoff [JSE: SNH] executives on the board of KAP Industrial Holdings have tendered their resignations, following the reduction of the retailer's indirect 26% stake in KAP.

According to a shareholder notice from KAP on Thursday, the resignations of Messers TLR de Klerk and LJ du Preez, is effective from April 3, 2019.

De Klerk and du Preez had served on the KAP board since September 1, 2017.

Steinhoff, through its subsidiary Ainsley Holdings Proprietary Limited, held a 26% stake in KAP.

But to free up funds to help service debt, among other things, Steinhoff disposed of its stake through a sale of over 600 million shares in KAP. The offer was over-subscribed and Steinhoff raised R4.8bn, Fin24 previously reported.

Steinhoff also recently reached an agreement to sell 74.9% of its Africa arm's shares in automotive dealer network Unitrans, to CFAO Holdings South Africa. CFAO HSA is a 100%-owned subsidiary of CFAO, a subsidiary of the Toyota Tsusho Corporation, Fin24 previously reported.

Steinhoff also recently reached an agreement to sell 74.9% of its Africa arm's shares in automotive dealer network Unitrans, to CFAO Holdings South Africa. CFAO HSA is a 100%-owned subsidiary of CFAO, a subsidiary of the Toyota Tsusho Corporation.

On Tuesday, Steinhoff announced to shareholders that investment group VEB/European Investors, which had launched a class action lawsuit against it, had agreed to halt proceedings for another six weeks or up until May 15. This is the second time the investors agreed to suspend proceedings.

The investors are taking legal action against Steinhoff at a Dutch court for misrepresentations in its financial statements.

In an update to shareholderse, Steinhoff said the suspension would give it time to continue the restructuring of the business, make progress in its internal investigations and finalise the financial statements of 2017 and 2018.



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