Shares of retailer, Steinhoff, continue to claw back some value after a massive sell-off last week linked to concerns about dodgy accounting.
German authorities are investigating the company. Steinhoff shares are 40% stronger on Monday after dropping 90% of their value last week.
A number of pension funds in South Africa have suffered losses. Steinhoff is listed in Frankfurt, Germany – and on South Africa’s JSE.
It is based in Stellenbosch in the Western Cape.
Reports say Steinhoff International Chairperson, Christo Wiese, is attempting to negotiate with international banks as he tries to rescue the company.
It’s the parent company of Ackerman’s, Shoprite, Takkie Town, PEP – among others.