DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Over Indebtedness Steinhoff International Holdings N.V. : STEINHOFF GLOBAL SETTLEMENT - UPDATE ON SARB APPROVAL 2021-10-18 / 09:10 The issuer is solely responsible for the content of this announcement.
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STEINHOFF GLOBAL SETTLEMENT - UPDATE ON SARB APPROVAL
Steinhoff International Holdings N.V. ("SIHNV" or the "Company" and together with its subsidiaries, "Steinhoff") together with Steinhoff International Holdings Proprietary Limited ("SIHPL") provide the following update with respect to the Steinhoff global litigation settlement proposal.
On 11 August 2021 the Company announced an increased offer and stated that:
"Following this announcement, SIHNV and SIHPL will proceed to seek further approval from the South Africa Reserve Bank/FINSURV for necessary approvals."
Steinhoff is pleased to announce that it has received approval from SARB/FINSURV for the cross-border transfers contemplated by the revised Steinhoff global settlement proposal. The approval is valid until 31 May 2022.
Louis du Preez, Chief Executive Officer, said:
"The FINSURV approval satisfies one of the remaining conditions to implementation of the global litigation settlement. The final material requirement is the approval of the High Court in South Africa to the SIHPL section 155 proposal. Given the overwhelming claimant support in favour of the settlement proposal, we are committed to implementing it as soon as possible."
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, South Africa
18 October 2021
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2021-10-18 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: Steinhoff International Holdings N.V. cnr Adam Tas and Devon Valley Road 7600 Stellenbosch South Africa Phone: +27218080700 Fax: +27218080800 E-mail: investors@steinhoffinternational.com Internet: www.steinhoffinternational.com ISIN: NL0011375019 WKN: A14XB9 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1241313 End of News DGAP News Service =------------
1241313 2021-10-18
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October 18, 2021 03:10 ET (07:10 GMT)