Steinhoff to Sell 74.9% of Shares of Unitrans to CFAO
Retailer to dispose of 74.9% of Steinhoff Africa’s shares in Unitrans and its subsidiaries, and 100% of the loan claims against Unitrans held by Steinhoff Africa, to CFAO Holdings South Africa Proprietary.
* The parties will try to dispose of Steinhoff’s remaining 25.1% interest in Unitrans at a later date, as part of a black empowerment transaction;
* “Following a strategic review of its operations Steinhoff resolved to dispose some of its non-core assets, including its shareholding in KAP Industrial Holdings and Unitrans, which has very different business characteristics and growth drivers from the rest of Steinhoff’s retail portfolio”;
* NOTE: March 27, Steinhoff Raises $332 Million by Selling Remaining KAP Stake. Source: Bloomberg