JOHANNESBURG (Reuters) -Ibex Investment Holdings Ltd., formerly known as Steinhoff International, sold its entire 28% stake in South Africa’s clothing retailer Pepkor for $1.5 billion via an accelerated book-building process.
The company offered about 1 billion shares worth approximately 28 billion rand or $1.6 billion, according to the terms of the deal published on Monday.
A bookrunner for the deal said on Tuesday that the shares were priced at 25.45 rand 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 last few years.
($1 = 17.6492 rand)
(Reporting by Nqobile Dludla; Editing by Kirsten Donovan)
