Ibex Investment Holdings Ltd., formerly known as Steinhoff International, raised 26.6 billion rand ($1.5 billion) by selling its stake in Africa’s largest clothing retailer, Pepkor Holdings Ltd.

The company sold 1.045 billion shares of Pepkor at a discount of about 6% to the last closing price, according to terms seen by Bloomberg. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Investec Plc managed the share sale.

Ibex has been restructuring since Steinhoff, the former owner of Conforama in France and Mattress Firm in the US, collapsed after auditors refused to sign off on its financial statements in late 2017. That led to police and regulatory investigations in both Europe and South Africa. A forensic probe by auditor PwC uncovered €6.5 billion ($7.6 billion) of irregular transactions with eight firms over eight years.

Steinhoff changed its name to Ibex in 2023. The business holds the Pepkor stake through its wholly-owned unit Ainsley.

News Credits- FASHION NETWORK