CAPE TOWN – The South African Reserve Bank (Sarb) approved embattled Steinhoff International’s listing on the Frankfurt Stock Exchange under the governorship of Gill Marcus.
Marcus, who is currently assistant commissioner at the Commission of Inquiry probing alleged impropriety at the Public Investment Corporation (PIC), served as governor of the Sarb from July 2009 to November 2014. On June 23, 2014, Steinhoff announced that it had received formal approval from the central bank’s Financial Surveillance Department within the framework of the exchange control inward listing rules to seek a listing on the prime standard of the Frankfurt Stock Exchange.
“Steinhoff intends to commence with the listing process as soon as possible, subject to prevailing market conditions, after the release of its June 30, 2014, audited annual results in early September 2014,” read a Steinhoff SENS statement.
This story first appeared in the Business Report Online