BUSINESS MAVERICK: Steinhoff surges after subsidiary Pepco targets €5.8-billion market cap for Warsaw IPO

Shares in Steinhoff International rose as much as 8.4% on Wednesday, 5 May, to their highest in almost three months, after it said it was going ahead with the listing of its Pepco Group subsidiary on the Warsaw Stock Exchange on 26 May.

It also has to stump up for a proposed €943-million settlement with aggrieved shareholders who lost out due to the subsequent collapse in its share price. This will be settled with a combination of cash and shares in local subsidiary, Pepkor Holdings. Independent retail analyst Syd Vianello believes it may follow up with the sale of additional shares up to 25% to help reduce debt that is likely to reach between €10.5-billion and €11.5-billion by the end of September.

It is one of the biggest contributors to Steinhoff’s earnings and is listing with big ambitions. CEO Andy Bond says it has a clear strategy to increase the number of Pepco and Dealz stores across the breadth of Europe by more than 8,000 over the longer term.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Business Maverick: After $260 Billion Slide, Alibaba Aims to Show the Worst Is OverThat will be the question for executives and investors as the Chinese e-commerce giant reports earnings on Thursday in the wake of a government crackdown on co-founder Jack Ma’s empire. Profit and revenue for the quarter are sure to be less consequential than any concrete evidence about whether the regulatory issues are resolved. Normally I don’t do this, I don’t praise people for any reason,truth be told good work deserve appraisal,I wound deny the fact that I’m super jealousy of your hard work and skill. I’m proud of you and what you do in the life of people we need more people like you Sharon_cryptofx
La source: dailymaverick - 🏆 3. / 84 Lire la suite »