The South African retailer has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.
South African retailer Steinhoff , which has been embroiled in an accounting scandal, said its first-half retail revenues rose 1 percent but it still posted a net loss due among others to restructuring costs.
South Africa's retailer Steinhoff said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares plummeting.
Steinhoff remains in a “tough position” and is talking to creditors about restructuring debt, the company said on Friday at its first shareholder meeting since an accounting scandal was uncovered in December.
Crisis-hit South African retailer Steinhoff raised 3.66 billion rand ($311 million) from the sale of a 16.7 percent stake in KAP Industrial, another step in its efforts to shore up its finances and pay down debt.
The online flash sale platform has announced a strategic partnership with Carrefour, which has sealed the deal by buying the 17% stake acquired by Conforama – a subsidiary of the Steinhoff group – last summmer.