Steinhoff International Holdings Ltd. said a stock-market listing in Frankfurt will probably take place in the fourth quarter of this year, later than initially indicated, as the South African retailer seeks to increase its exposure to investors in Europe.
“The company has made substantial progress toward the proposed listing,” the Johannesburg-based seller and maker of furniture said in a statement on Monday. The move, which was originally planned to be completed by the end of June, is still subject to market conditions and regulatory approvals, the company said.
Steinhoff said in July it’s seeking to sell shares on the Frankfurt Stock Exchange while retaining a listing in Johannesburg. The retailer has stores in European markets including Germany and the U.K. and owns French furniture chain Conforama, which has 276 stores. The company’s 62.8 billion rand ($5.1 billion) acquisition of Pepkor Holdings Pty Ltd. last year, the largest purchase of a South African company in more than a decade, added exposure to Eastern European countries such as Poland.
Steinhoff shares declined 1.8 percent to 75.52 rand as of 3:22 p.m. in Johannesburg, valuing the company at 273 billion rand. That compares with a 1.3 percent fall on the FTSE/JSE Africa All-Share Index.
Pepkor, which has almost 2,000 mainly discount stores in South Africa under the Pep brand, will open its first Pep & Co store in the U.K. next month, Steinhoff said, with a short-term target of 50 outlets. The company’s Ackermans brand is also expanding into new markets, and will open in Zambia for the first time in September.