Jayendra Naidoo, the chairman of Steinhoff Africa Retail (STAR), says, in the unlikely event that Steinhoff decided to sell its entire 77% stake in STAR, there would be little difficulty in placing the shares with institutional investors. In 2017, Steinhoff injected its holdings in Pep, Ackermans and JD to form STAR, which was listed on the JSE in September. Selling its STAR stake at the current market price would generate about R60bn for cash-strapped Steinhoff. In the past few months Steinhoff has sold stakes in PSG, raising R7.1bn, and in KAP Industrial, raising R3.7bn. Naidoo was speaking after the group’s first annual general meeting, at which he told shareholders that Steinhoff had indicated it might sell a small block of STAR shares. However, he said "there was no indication it would be significant". One trader said it was frustrating that there was still so little news about the extent of the problems at Steinhoff but, given all the uncertainty, the market believed that anyt...
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