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South Africa's KAP Distances Itself From Embattled Steinhoff

  • Industrial group ends corporate services, office space deals
  • KAP 43% owned by Steinhoff, which is beset by accounting woes
Steinhoff International Holdings NV's Hometown Erases Traces Of Its Fallen Star
Photographer: Waldo Swiegers/Bloomberg
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KAP Industrial Holdings Ltd., a South African company 43 percent owned by Steinhoff International Holdings NV, is distancing itself from the scandal-hit retailer by scrapping two business deals with the group.

An agreement to share corporate-services including legal and investor relations ends on March 1 and an arrangement to co-rent office space will run until March 31, Stellenbosch-based KAP said in a results presentation on Tuesday. KAP has no outstanding loans either to or from Steinhoff and is independently managed, controlled and funded, the company said.