Lancaster Group is Steinhoff’s BEE partner

By Staff Reporter Time of article published Oct 3, 2016

Share this article:

Johannesburg - Retailer Steinhoff International said on Friday that it welcomed the Lancaster Group as its strategic black economic empowerment (BEE) partner.

Last week, Steinhoff announced that it would increase its issued share capital. As part of this capital raise, the Public Investment Corporation and Lancaster had acquired a strategic stake in Steinhoff through a jointly held special purpose vehicle, Lancaster 101.

Steinhoff issued 60 million shares to Lancaster 101 at R75.98 per share. Lancaster Group is a 100 percent black-owned company led by Jayendra Naidoo.

Steinhoff chief executive Markus Jooste said: “We are humbled by the overwhelming support we have received from our two major shareholders backed by our global shareholder base in our capital raising.”

Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE where its shares fell 2.86 percent on Friday to R78.55.

Steinhoff attempted a BEE deal in 2008, which was called off.

It has been on an acquisition spree in Europe and North America.

BUSINESS REPORT

Share this article: