{"id":216093,"date":"2017-12-12T11:46:15","date_gmt":"2017-12-12T09:46:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=216093"},"modified":"2017-12-12T11:50:13","modified_gmt":"2017-12-12T09:50:13","slug":"steinhoff-looking-to-sell-its-shares-in-psg-and-kap-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/216093\/steinhoff-looking-to-sell-its-shares-in-psg-and-kap-report\/","title":{"rendered":"Steinhoff looking to sell its shares in PSG and KAP: report"},"content":{"rendered":"<p>Steinhoff\u00a0is considering selling stakes worth a combined R19 billion ($1.4 billion) in local companies PSG Group and KAP Industrial to help plug a liquidity gap at the retailer, according to a report by <strong><a href=\"https:\/\/www.reuters.com\/article\/us-steinhoff-intlnl-results-exclusive\/exclusive-south-africas-steinhoff-considers-sale-of-psg-kap-stakes-to-lift-liquidity-sources-idUSKBN1E60WP\" target=\"_blank\" rel=\"noopener\">Reuters<\/a><\/strong>.<\/p>\n<p>The company had previously said it planned to raise around R27 billion ($2 billion) from the sale of non-core assets and the proceeds of debt repayments from its African unit Steinhoff Africa Retail, to fill a hole in its balance sheet.<\/p>\n<p>Steinhoff owns about 25% of PSG, a R60 billion ($4.40 billion) investment holding company, and 39% of diversified industrial group KAP Industrial, which is worth around R6.1 billion at current market prices.<\/p>\n<p>\u201cIt cannot get any more non-core than their stake in PSG,\u201d a source told Reuters. \u201cIt is on the table and so is the stake in KAP.\u201d<\/p>\n<p>Steinhoff International rose more than 50% on the Monday after the group announced a number of measures it planned to implement to return the retail giant into stability.<\/p>\n<p>On Tuesday it was up a further 30% at 11:40 AM (SAST) and was up at R12.25 a share.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/business\/215859\/jse-wont-suspend-steinhoff-as-shares-rebound\/\" target=\"_blank\" rel=\"noopener\">JSE won\u2019t suspend Steinhoff as shares rebound<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steinhoff\u00a0is considering selling stakes worth a combined R19 billion in local companies PSG Group and KAP Industrial to help plug a liquidity gap.<\/p>\n","protected":false},"author":10,"featured_media":215195,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,4671,11059],"class_list":["post-216093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-psg","tag-steinhoff"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/216093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=216093"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/216093\/revisions"}],"predecessor-version":[{"id":216111,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/216093\/revisions\/216111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/215195"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=216093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=216093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=216093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}