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Johannesburg Stock Exchange suspends Steinhoff Investment from trading

The Johannesburg Stock Exchange has suspended Steinhoff Investment Holdings Ltd., a wholly owned unit of Steinhoff International Holdings NV, from trading after the home furnishings retailer failed to submit its annual report Feb. 28.

Steinhoff Investment released the stock exchange's statement March 1. The stock exchange said it is not considering the suspension of parent Steinhoff International, which has a primary listing in Frankfurt Stock Exchange, or FSE, and a secondary listing in Johannesburg, or JSE. It said Steinhoff International shares will continue to be listed on the JSE.

"Suspending trading in Steinhoff International on the JSE would place investors on the JSE at a disadvantage to those who are able to trade on the FSE," it explained.

Steinhoff Investment is a wholly owned unit that holds Steinhoff International's South African assets, including its majority stake in Steinhoff Africa Retail Ltd.

The JSE warned the company Feb. 1 that it would suspend Steinhoff Investment's trading if it did not submit the required document by Feb. 28. Steinhoff Investment failed to give its annual report within four months after the close of its fiscal year ended Sept. 30, 2017. The stock exchange gave it another month to comply with the listing rules.

An accounting scandal at Steinhoff International was disclosed Dec. 6, 2017, and has delayed the reporting of consolidated accounts.