Steinhoff Africa Retail enters option agreement with Shoprite
04 AUG 2017
Steinhoff [JSE:SNH] and its Steinhoff Africa Retail (STAR) subsidiary entered into call option agreements to acquire economic and voting interests in Thibault Square Financial Services and Shoprite [JSE:SHP], the South African retailer.
After implementation of the call options are exercised and implemented, STAR will hold approximately 22.7% of the economic interest and 50% of the voting rights in Shoprite.
The agreements were made with Lancaster Group and Titan Premier Investments (a company ultimately controlled by a family trust of Dr. Christo Wiese, the chairman of Steinhoff).