Steinhoff to seek listing in Frankfurt

Johannesburg - South African furniture manufacturer and retailer Steinhoff International Holdings said on Monday it would seek a primary listing on the Frankfurt Stock Exchange from September.

Steinhoff said it would remain listed on the Johannesburg bourse through an inward listing but has no plans to relocate its headquarters.

The curve of the German share price index DAX board, is pictured at the Frankfurt stock exchange. Credit: Reuters

The company said it would start with listing process shortly after its annual results in early September.

Steinhoff, one of Europe's largest home furnishing businesses, already owns controlling stakes in manufacturer Kap International and local furniture retailer JD Group .

The company also said it would offer up to 400 million Kap shares to institutional investors in a bookbuild from Tuesday morning as it cuts its stake in the company to 45 percent, from 62 percent, to increase stock liquidity.

Steinhoff did not disclose the pricing of the bookbuild, the proceeds of which would be used to prepare the proposed Frankfurt listing.

Shares in Kap ended 3.2 percent higher at 4.16 rand and closed little changed at 56.16 rand. - Reuters