December 6, 2017 / 2:19 PM / in a year

Shares in South Africa's KAP Industrial fall 8 percent on Steinhoff woes

JOHANNESBURG (Reuters) - Shares in South Africa’s KAP Industrial Holdings (KAPJ.J) fell to an 11-month low on Wednesday as companies related to Steinhoff (SNHJ.J)(SNHG.DE) fell out of favor with investors following the resignation of its chief executive amid an accounting probe.

The share price was down 7.7 percent at 8 rand by 1358 GMT, prompting the logistics and industrial group to say that while Steinhoff is a major shareholder, it did not have control.

“KAP is independently managed, controlled and funded and as a result should be unaffected by these recent announcements,” the company said in a statement.

Reporting by TJ Strydom; Editing by James Macharia

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