Ibex, formerly known as Steinhoff International, sold its entire 28% stake in clothing retailer Pepkor for $1.5bn via an accelerated book build.
The company offered about 1-billion shares, according to the terms of the deal published on Monday. A bookrunner said on Tuesday the shares were priced at R25.45 each.
Steinhoff changed its name to Ibex in 2023 as part of a restructuring prompted by its 2017 accounting fraud that led to a stream of lawsuits and hefty losses.
As part of efforts to lower its mountain of debt, Ibex had been reducing its stake in Pepkor, which owns the Pep and Ackermans clothing brands, over the past few years.
Reuters
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