Steinhoff Africa Retail to Repay $1.2 Billion Loan to Parent, Steinhoff International

By Maryam CockarFeaturesDow Jones Newswires

Steinhoff Africa Retail Ltd.(SRR.JO) said Friday that it will repay 16 billion South African rand ($1.20 billion) of loans to its parent company, which is in the midst of an accounting probe.

Steinhoff Africa, which was spun off from Steinhoff International Holdings NV (SNH.JO)in September, said it has appointed FirstRand Bank Ltd. to refinance shareholder loans from its parent and provide it with a standalone financing facility.

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Steinhoff International's share price tumbled last week after it disclosed accounting irregularities that could affect about $7 billion in assets and the resignation of Chief Executive Markus Jooste.

On Thursday, Steinhoff International said its chairman and largest shareholder, Christo Wiese, had also resigned, and an entity controlled by Mr. Wiese has sold about 98.4 million shares in the company.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

December 15, 2017 06:31 ET (11:31 GMT)