Steinhoff International shares lifted as much as 8% on Wednesday, after it sold a 6.6% chunk of its stake in pan-European retailer Pepco, raising €315.2 million (R5.8 billion).
Steinhoff, valued at only R2.09 billion on the JSE, said it planned to sell about 34.5 million in Pepco's shares, but ultimately sold 38 million to IBEX Retail Investments, taking its stake to 73.2%, from 78.9%.
In midday trade Steinhoff's shares were up 6.12% to 52c, having earlier fetched 53c. Steinhoff's shares have still fallen by 80% over the past six months. Click here for more details on Steinhoff's shares and other info.
Steinhoff had raised about €1 billion through Pepco's listing on the Warsaw bourse in Poland in 2021. Plans to list its Mattress Firm business in the US fell through earlier in 2022, another blow for a company that is still choking on a hefty debt pile and may delist.
The firm announced in December that it had reached a deal with its largest creditors, which could see it holding 80% of the company. Steinhoff currently has debt of €10 billion (R183 billion).
This story has been updated to reflect the result of the offer.