Deals
Steinhoff Raises $586 Million From PSG Sale to Boost Funds
- Embattled retailer is disposing of assets to raise liquidity
- Luxury jet and stake in French online retailer were also sold
Secretive Steinhoff Short Seller Is Revealed
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Steinhoff International Holdings NV raised 7.1 billion rand ($586 million) of shares in South African financial services firm PSG Group Ltd., the latest in a line of disposals aimed at shoring up the retailer’s battered balance sheet.
The owner of Mattress Firm in the U.S. and Poundland in the U.K. placed almost 29.5 million shares in Stellenbosch, South Africa-based PSG with institutional investors, Steinhoff said in a statement Monday. That’s on top of the 20.6 million PSG shares sold late last year at the start of an accounting scandal that’s wiped out most of its market value.