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Steinhoff acquires 20% shareholding of PSG

31 Jan 2012

Steinhoff Holdings (SHF) on Monday, 30 January, announced that the special resolution in connection with its acquisition of a 20% shareholding in PSG Group (PSG) had been approved by a majority of its shareholders.

In December it was announced that Steinhoff would acquire approximately 36.9 million PSG shares from the vendors for a total consideration of R1,617.5 million.

The PSG shares were acquired by Steinhoff from shareholders of PSG - CH Wiese, Mayfair Speculators Proprietary and Thembeka Capital.

This shareholding represented 20% of PSG's current issued share capital, net of treasury shares.

PSG is an investment company listed on the JSE, with a current market capitalisation, net of treasury shares, of R8.7 billion.

Steinhoff said its investment strategy has been focused on investing in complementary assets that could provide benefits to, or derive benefits from, the existing businesses within its portfolio.

Source: I-Net Bridge

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