Steinhoff agrees sale of POCO to Seifert for $312m
By Reuters Sep 4, 2018
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JOHANNESBURG - South African retailer Steinhoff said on Tuesday its subsidiary has agreed to sell a 50 percent stake and related properties in German furniture chain POCO to Andreas Seifert for 270.68 million euros ($312.93 million).
In February, a Dutch court ordered Steinhoff International to amend its 2016 accounts, handing victory to former business partner Seifert in a dispute over the ownership of discount furniture store chain.
“Closing of the POCO sale shall bring the German litigation proceedings with the Seifert entities to an end,” the company said in a statement.
The POCO business will retain debt of approximately 140 million euros, with no recourse to the group, it added.
Premier @David_Makhura says, “There are many lessons that can be learnt emanating from the failures of both state-owned, public and private sector entities.
Scandals such as Steinhoff and VBS arise from a lack of proper governance checks and balance.”