By Anthony O. Goriainoff
Steinhoff International Holdings NV said Wednesday that it will launch an accelerated placement of ordinary shares in Pepco Group NV, and that it will use the proceeds to reduce debt.
The South Africa-based conglomerate said it intends to sell around 34.5 million ordinary shares in Pepco through a placement with institutional investors, and that the price for each share will be determined via an accelerated bookbuild.
The company said Pepco won’t receive any proceeds from the placement.
“If the placement is fully implemented, the company’s stake in Pepco Group will be reduced to approximately 72.9%,” the company said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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