Steinhoff Sells 20.6 Million Shares in PSG Group

By Oliver GriffinFeaturesDow Jones Newswires

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).

The shares were sold at a price of ZAR230 a share, Steinhoff said, and the proceeds will be used to support operational activities.

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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)