Chemical and logistics group CEO says Steinhoff was a fantastic shareholder after remaining 26% stake is sold
Kap Industrial’s share price on Wednesday recorded its sharpest fall in three years following an announcement that Steinhoff had sold its remaining 26% stake.
The chemical and logistics group’s share price fell as much as 8.2% in intraday trade. It closed 7.41% lower at R7. The 9.4% discount at which the sale had been done was normal for such a large block of shares, he said. The proceeds from the accelerated bookbuild, which was launched late on Tuesday and completed by Wednesday morning, will be used to meet Steinhoff’s various obligations.
The global retail group held just over 60% of Kap until the transfer of its primary listing to Frankfurt in 2014 when it reduced the holding to 45% through a bookbuild.
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