September 4, 2017 / 3:26 PM / a year ago

Steinhoff offers investors up to 23 pct of African unit

JOHANNESBURG, Sept 4 (Reuters) - South African retailer Steinhoff International is offering investors up to 23.2 percent of its African arm, Steinhoff Africa Retail (STAR), which it aims to list on the Johannesburg stock market on September 20, the company said on Monday.

The the offering in a private placement to invited investors has been priced at between 18 and 23 rand per share, valuing the newly listed company, which will have a controlling stake in Africa’s largest grocer Shoprite, at between 62 and 79 billion rand ($4.8-6.1 billion).

“The listing will be accompanied by a capital raising through a private placement in order to establish the public shareholding spread and liquidity required by the JSE,” STAR said in a statement.

The newly listed company will have the share code, the company said. ($1 = 12.9758 rand) (Reporting by TJ Strydom; Editing by Greg Mahlich)

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