The South African retailer has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.
South African retailer Steinhoff , which has been embroiled in an accounting scandal, said its first-half retail revenues rose 1 percent but it still posted a net loss due among others to restructuring costs.
The online flash sale platform has announced a strategic partnership with Carrefour, which has sealed the deal by buying the 17% stake acquired by Conforama – a subsidiary of the Steinhoff group – last summmer.
Steinhoff said on Tuesday it had started to lose credit lines from lenders and was still unable to determine the scale of accounting irregularities which have wiped more than $10 billion off its market value.
Activist U.S. hedge fund Elliott Capital has raised its stake in British discount chain Poundland to 22.7 percent, putting it in a position to be able to block an agreed takeover by South African retailer Steinhoff.