Latest news with #Pepkor
Zawya
2 days ago
- Business
- Zawya
South Africa: Ibex sells 28% stake in Pepkor Holdings
Ibex Investment Holdings, formerly known as Steinhoff International Holdings, will exit its 28% stake in clothing retailer, Pepkor Holdings. The company will offer one billion shares, worth about R28bn, according to the terms of the deal published Monday, 21 July 2025. Demand for the shares exceeded the stock being offered within minutes of the transaction launching, the terms show. Steinhoff changed its name to Ibex Investment Holdings in 2023. It holds the Pepkor stake through its wholly-owned unit Ainsley. The company has been restructuring since Steinhoff, the former owner of Conforama in France and Mattress Firm in the US, collapsed after auditors refused to sign off on its financial statements in late 2017. That led to the start of police and regulatory investigations in both Europe and South Africa. A forensic probe by auditor PwC uncovered approximately €6.5bn ($7.6bn) of irregular transactions with eight firms over eight years. Pepkor, which owns almost 6,000 stores selling low-cost clothing, is tapping a pan-African boom in the use of phones for payment and banking services as well as for communication. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
3 days ago
- Business
- Yahoo
Ibex, formerly Steinhoff, sells entire stake in Pepkor for $1.5bn
Ibex Investment Holdings, previously known as Steinhoff International, has sold its entire 28% stake in South African clothing retailer Pepkor Holdings. The transaction involves the offering of 1.05 billion Pepkor shares, valued at R26.6bn ($1.5bn), as reported by Bloomberg. Goldman Sachs Group, JPMorgan Chase & Co and Investec oversaw the management of the share sale. Ibex is proceeding with the restructuring of Steinhoff by selling off parts of the company following its collapse due to an accounting scandal in 2017. An investigation by Pricewaterhouse Coopers revealed irregular transactions amounting to €6.5bn ($7.6bn) involving eight companies over a period of eight years. Steinhoff was the former owner of France's Conforama and Mattress Firm in the US. Prior to the scandal, Steinhoff acquired a controlling stake in Pepkor. Following the scandal, Steinhoff - renamed as Ibex - has been reducing its ownership in Pepkor as a strategy to decrease its substantial debt over recent years. Pepkor, with 6,000 stores, is leveraging the growing trend of mobile payments and banking services across Africa. The retailer owns clothing brands Pep, Ackermans, Pep Africa and Avenida. Pepkor has reported a 12.8% rise in group revenue to R48.8bn, and its operating profit witnessed a 13.3% increase to R5.8bn. In September 2024, Shoprite reached an agreement to sell its furniture business, including the OK Furniture and House & Home brands, to Pepkor Holdings. "Ibex, formerly Steinhoff, sells entire stake in Pepkor for $1.5bn" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Herald
3 days ago
- Business
- The Herald
Ibex, formerly Steinhoff, sells entire Pepkor stake for $1.5bn
Ibex Investment Holdings, formerly known as Steinhoff International, sold its entire 28% stake in clothing retailer Pepkor for $1.5bn (R26.4bn) via an accelerated book-building process. The company offered about one billion shares worth R28bn, according to the terms of the deal published on Monday. A bookrunner for the deal said on Tuesday the shares were priced at R25.45 per share. Steinhoff changed its name to Ibex in 2023 as part of a restructuring prompted by its 2017 accounting fraud that led to a stream of lawsuits and hefty losses. As part of efforts to lower its mountain of debt, Ibex had been lowering its stake in Pepkor, which owns the Pep and Ackermans clothing brands, over the past few years. Reuters
TimesLIVE
3 days ago
- Business
- TimesLIVE
Ibex, formerly Steinhoff, sells entire Pepkor stake for $1.5bn
Ibex Investment Holdings, formerly known as Steinhoff International, sold its entire 28% stake in clothing retailer Pepkor for $1.5bn (R26.4bn) via an accelerated book-building process. The company offered about one billion shares worth R28bn, according to the terms of the deal published on Monday. A bookrunner for the deal said on Tuesday the shares were priced at R25.45 per share. Steinhoff changed its name to Ibex in 2023 as part of a restructuring prompted by its 2017 accounting fraud that led to a stream of lawsuits and hefty losses. As part of efforts to lower its mountain of debt, Ibex had been lowering its stake in Pepkor, which owns the Pep and Ackermans clothing brands, over the past few years.
Bloomberg
3 days ago
- Business
- Bloomberg
Pepkor Shareholder Raises $1.5 Billion Selling Its Entire Stake
Ibex Investment Holdings Ltd., formerly known as Steinhoff International, raised 26.6 billion rand ($1.5 billion) by selling its stake in Africa's largest clothing retailer, Pepkor Holdings Ltd. The company sold 1.045 billion shares of Pepkor at a discount of about 6% to the last closing price, according to terms seen by Bloomberg. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Investec Plc managed the share sale.
