To decrease its debt burden of €9.83 billion (~R170 billion), retailer Steinhoff is considering selling more shares in its Pan-European subsidiary the Pepco Group, which listed on the Warsaw stock exchange in May.
Steinhoff CFO Theodore de Klerk said the group owns around just under 80% of Pepco's shares. "That's a nonsensical shareholding. We would like to increase the free float there," he said.
Pepco, a discount retailer focused on Eastern Europe, has been one of Steinhoff's star performers in recent years. It includes more than 3 000 stores in 17 countries, with 364 new stores added in the last financial year alone.
