Steinhoff Gains as Retailer Plans to Restate 2015 Results
- Restatements won’t apply to Steinhoff Services business
- Shares rally with irregularities seen confined to Europe
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Shares of Steinhoff International Holdings NV rose after the South African retail giant said it will restate financial results going back as far as 2015 amid a probe into accounting irregularities.
The stock jumped 27 percent to 5.90 rand by 9:56 a.m. in Johannesburg, the most on an intraday basis since Dec. 12. Shares in Steinhoff, whose retail empire includes France’s Conforama furniture chain and Poundland in the U.K., have slumped 87 percent since the company announced an investigation into its finances and the resignation of its chief executive officer on Dec. 5.