JOHANNESBURG Feb 23 (Reuters) – South Africa’s
Steinhoff International could raise at least $2 billion
when it eventually floats its European unit, the furniture
maker’s head of investor relations said on Thursday.
Steinhoff, Africa’s top furniture maker and one of Europe’s
biggest furniture retailers, could list the European business in
London, Paris or Frankfurt, said Mariza Nel, Steinhoff’s head of
investors relations.
“The European unit is listable, it’s big enough but we’re
not in a hurry,” she said, adding the listing could raise a
minimum of 1.5 billion euros ($2 billion) depending on the free
float requirements of the bourse it floats in.
Nel said there was no clear date as when the company would
list the unit.
An initial public offering of the business would complete
Steinhoff’s restructuring drive aimed at creating three listed
separate businesses focused selling furniture in Europe,
emerging markets and manufacturing.
Steinhoff sells furniture in Britain under the Harveys and
Sleepmasters brands and in the rest of Europe under the
Conforama brand.
The company also wants to increase its stake in South
African retailer JD Group in share-swap deal that would
reduce its holding in manufacturing firm Kap International
to about 62 percent.
($1 = 0.7552 euros)
(Reporting by Tiisetso Motsoeneng; editing by David Dolan)
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