South African furniture and household goods retailer Steinhoff International Holdings N.V. (SNH.JO) said Wednesday it plans to float its low-cost unit Steinhoff Africa Retail Ltd. on the Johannesburg Stock Exchange by the end of September.
The unit, which was established in July following an internal restructuring by Steinhoff of its African retail assets, has 4,800 stores and is focused on value-conscious consumers in sub-Saharan Africa. It sells a range of items from footwear and clothing to furniture and electrical items.
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For the year ended Sept. 30, 2016 Steinhoff Africa generated revenue of 51.23 billion South African rand ($3.88 billion) and earnings before interest, taxes and capital items of ZAR3.49 billion.
Steinhoff International said it plans to offer selected investors the opportunity to subscribe shares in Steinhoff Africa via a private placing, without providing any financial details.
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(END) Dow Jones Newswires
August 23, 2017 08:49 ET (12:49 GMT)