Steinhoff International would seek a secondary listing on the Frankfurt Stock Exchange, the furniture maker and retailer said yesterday. The shares initially gained 5 percent as the move assured investors the company would not list its international retail operations separately and after Steinhoff said it would sell part of its stake in manufacturer KAP Industrial. A German listing would be pursued “as soon as possible” after the publication of full-year earnings in September, the Johannesburg-based company said. It would retain a primary listing on the JSE. Steinhoff gets about half its revenue from Europe, where it owns French retailer Conforama.

The shares closed just 0.35 percent up at R56.84 on the JSE. KAP Industrial shares slumped 7.89 percent to R3.85. – Bloomberg