Ibex Investment Holdings Raises $1.5 Billion Selling Pepkor Holdings Stake

Ibex Investment Holdings, formerly Steinhoff International, raised $1.5 billion by selling its entire stake in Pepkor Holdings, Africa's largest clothing retailer. The company sold 1.045 billion shares at a 6% discount to the last closing price. Goldman Sachs, JPMorgan Chase, and Investec managed the share sale. Ibex has been restructuring since Steinhoff collapsed in 2017 following police and regulatory investigations and a forensic probe uncovering €6.5 billion in irregular transactions.

Ibex Investment Holdings, formerly known as Steinhoff International, has successfully raised $1.5 billion by selling its entire stake in Pepkor Holdings, Africa's largest clothing retailer. The company sold 1.045 billion shares of Pepkor at a 6% discount to the last closing price, according to terms seen by Bloomberg [1]. Goldman Sachs Group Inc., JPMorgan Chase & Co., and Investec Plc managed the share sale.

The sale is part of Ibex's ongoing restructuring efforts following the collapse of Steinhoff in 2017. After auditors refused to sign off on its financial statements, police and regulatory investigations were launched 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 [2].

Steinhoff changed its name to Ibex in 2023 and holds the Pepkor stake through its wholly-owned unit Ainsley. The company has been working to rebuild its financial health and reputation following the scandal.

The sale of Pepkor shares comes amid mixed signals from financial analysts. While RBC Capital's Gerard Cassidy maintained a Hold rating on Goldman Sachs Group with a price target of $700.00, Citizens JMP's Devin Ryan also issued a Hold rating, while Barclays maintained a Buy rating [3].

Ibex's insiders have shown negative sentiment towards the stock, with an increase in share selling activity over the past quarter. Most recently, DAVID M SOLOMON, the COB & CEO of GS, sold 5,000 shares for a total of $3,035,850.00 in May 2025 [3].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-22/pepkor-shareholder-raises-1-5-billion-selling-its-entire-stake
[2] https://www.bloomberg.com/news/articles/2025-07-21/ibex-offers-1-5-billion-stake-in-south-african-retailer-pepkor
[3] https://www.theglobeandmail.com/investing/markets/stocks/GS-N/pressreleases/33506874/goldman-sachs-group-gs-receives-a-rating-update-from-a-top-analyst/