Pepkor Holdings Limited - disclosure of sells securities

Pepkor Holdings Limited - disclosure of sells securities

Johannesburg, July 2, 2025 — Ibex Investment Holdings Ltd., formerly known as Steinhoff International, has sold its entire 28% stake in South Africa's clothing retailer Pepkor (PPHJ.J) for $1.5 billion via an accelerated book-building process [1]. The sale, which was announced on July 22, 2025, involves the offering of approximately 1 billion shares worth approximately 28 billion rand or $1.6 billion [1]. The shares were priced at 25.45 rand per share [1].

This transaction is part of Ibex's ongoing restructuring efforts aimed at reducing its mountain of debt, which was exacerbated by the 2017 accounting fraud that led to a series of lawsuits and significant financial losses [1]. The company has been gradually reducing its stake in Pepkor, which owns the Pep and Ackermans clothing brands, over the last few years [1].

Pepkor's stock price has seen significant movements in recent months, with a notable increase in trading volume. As of July 2, 2025, the stock price is 2,731 rand, reflecting a 25% increase over the past three months [2]. The stock is listed on the Johannesburg Stock Exchange (JSE) and is currently trading at a low price-to-earnings (P/E) ratio relative to near-term earnings growth [2].

The sale of its stake in Pepkor is a strategic move for Ibex as it continues to address its financial restructuring. The proceeds from the sale will contribute to reducing the company's debt load and potentially provide more flexibility for future investments.

References:
[1] Reuters. (2025, July 22). Ibex formerly Steinhoff sells entire Pepkor stake for $1.5 billion. Retrieved from https://www.reuters.com/world/africa/ibex-formerly-steinhoff-sells-entire-pepkor-stake-15-billion-2025-07-22/
[2] Investing.com. (2025). Pepkor Holdings Ltd stock price live. Retrieved from https://www.investing.com/equities/steinhoff-africa-retail