Steinhoff: Frankfurt listing hurdle cleared

FURNITURE group Steinhoff was likely to move its primary listing to Frankfurt by June after the floatation was delayed due to its R62.8 billion deal to buy clothes retailer Pepkor in November, chief executive Markus Jooste said yesterday. Steinhoff has been seeking a listing in Europe, where it makes the bulk of its profits, to enhance its capital structure. But plans to list the business were put on hold after Steinhoff announced the Pepkor deal. “We expect the Pepkor transaction to be completed in the next three weeks. It looks like we could list in Frankfurt in June,” Jooste said. He also said the Pepkor transaction would help the group tap the fast growing apparel market in Africa, where it operates across 16 countries targeting the lowest income bracket. “I am positive about Africa, the growth rate that it delivers is still second only to China, so, you cannot ignore that,” he said. Its shares eased 0.3 percent to R66.20 yesterday. – Reuters