Steinhoff shares drop to lowest price yet

Cape Town - Shares in Steinhoff fell to their lowest price yet on Tuesday afternoon, decreasing by just over 14% on the day.

By 15:10 shares in the Stellenbosch-headquartered retail giant were trading at only R2.54 a share.

Steinhoff shares are now trading at well under their 1998 listing price of R4.50 per share.

The share price decrease comes after Steinhoff said payments to ex-chair Christo Wiese broke company rules.

The international retail group has been under a cloud since its former CEO Markus Jooste stepped down in early December 2017 amid a still-ongoing accounting scandal.

PwC is conducting an independent forensic investigation of the firm’s books. This  investigation is expected to be completed by the end of 2018.

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