Steinhoff International Holdings N.V. (SNH.JO) said on Friday that it has sold 20.6 million shares in PSG Group Ltd. (PSG.JO) for approximately 4.7 billion South African rand ($348.6 million).
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The shares were sold at a price of ZAR230 a share, Steinhoff said, and the proceeds will be used to support operational activities.
Steinhoff said on Dec. 6 that Chief Executive Markus Jooste had resigned amid an investigation into accounting irregularities, prompting shares to plunge more than 50%.
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(END) Dow Jones Newswires
December 15, 2017 09:36 ET (14:36 GMT)