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Steinhoff sells part of stake in South Africa's KAP to help cut debt

Crisis-hit South African retailer Steinhoff raised R3.66-billion ($311-million) from the sale of a 16.7% stake in KAP Industrial, another step in its efforts to shore up its finances and pay down debt. Steinhoff, which has more than 40 retail brands that include Conforama, Poundland and Mattress Firm, faced a fight for survival after admitting "accounting irregularities" in December, wiping about 85% off its market value and throwing it into a liquidity crisis.

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