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JOHANNESBURG – Steinhoff Africa Retail (STAR) announced on Tuesday, that its board has taken a decision to change the company’s name back to Pepkor Holdings, subject to shareholders approval, in a bid to reaffirm the company’s independence from scandal-hit Steinhoff International.
Earlier, STAR reported a 12.2 percent increase in headline earnings per share to 52.6 cents for the six months ending 31 March 2018.
STAR is the owner of South African retail brands such as Pep, Ackermans and HiFi Corporation, with more than 5,100 stores in 12 African countries. It was bought by Steinhoff International in 2015 and listed on the Johannesburg Stock Exchange in 2017 with Steinhoff retaining majority share.
Pepkor brands represents the vast majority of STAR’s current business and the corporate brand has enormous brand equity and a long legacy.
STAR further announced Johan Cilliers as lead independent non-executive director, effective immediately and Pieter Erasmus, former Pepkor chief executive, as non-executive director as of 1 October 2018.
– African News Agency (ANA)