Former Steinhoff directors face trial over $7.2 billion accounting scandal
Two ex-Steinhoff International directors who worked at the retailer’s European units, appeared in a German court on Wednesday.
Two ex-Steinhoff International directors who worked at the retailer’s European units, appeared in a German court on Wednesday.
Markus Jooste is being sued by three South African lenders after a racehorse company he was a director of failed to meet its financial commitments.
The approach with the Biznews SA Champions portfolio is to buy into JSE-listed companies which are investing heavily in the global arena.
Steinhoff said first-half earnings rose 13 percent as the acquisitive retailer reported revenue and margin growth across its household goods and general merchandise business.
Steinhoff plans to list its African assets separately as the retailer seeks a new prize for shareholders following this year’s failed Shoprite merger talks.
Shoprite will focus on expansion outside Africa after talks with Steinhoff to create the continent’s biggest retailer fell apart.
Mediclinic’s expansion saw the group move from a R100bn JSE-listed South African company to the third largest non-US private hospital group globally.
Steinhoff International, which wants to buy Britain’s Home Retail, reported a 67 percent rise in half-year operating profit, boosted by growth in the discount market in Africa and Europe.
Sainsbury has been given more time to make a firm bid for Argos-owner Home Retail, after a possible higher rival offer from Steinhoff International emerged on Friday.
The South African furniture retail unit of Steinhoff International plans to cut 4 110 jobs as it closes stores as part of structural changes to revamp the ailing retailer.