March 26, 2019 / 3:39 PM / a month ago

Steinhoff to place up to 6.94 mln shares in KAP Industrial

JOHANNESBURG, March 26 (Reuters) - Troubled South African retailer Steinhoff said on Tuesday it would place up to 6.94 million shares in KAP Industrial via an accelerated bookbuilding in an effort to plug a liquidity gap.

The placement will result in Steinhoff, which has a 26 percent stake in KAP, no longer holding an interest in the diversified industrial group.

Steinhoff in December 2017 admitted accounting irregularities, wiping about 85 percent off its market value.

Reporting by Tanisha Heiberg; editing by David Evans

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