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Steinhoff raises 3.67B rand from sale of KAP stake

Steinhoff International Holdings NV said March 13 that it raised 3.67 billion South African rand from the sale of about 17% of its stake in KAP Industrial Holdings Ltd.

The development came just hours after the troubled South African retailer launched an accelerated bookbuilding to place up to 450 million of its ordinary shares in the logistics, industrial and chemical company. The move was expected to reduce Steinhoff's interest in KAP to about 26% from 43%.

The company said it successfully placed the shares at 8.15 rand each, reflecting a 4.1% discount on KAP's closing price on March 12.

Steinhoff expects to settle the share placing on March 16.

As of March 13, US$1 was equivalent to 11.80 South African rand.