Reserve Bank blocks trade in Pepkor shares
The SARB has blocked trade in 506m Pepkor shares worth about R12.5bn as it continues to investigate Steinhoff.
JSE-listed Pepkor, a retailer that owns the brands PEP, Ackermans, and Tekkie Town, said in a notice to shareholders that Ainsley Holdings has been blocked from dealing in the shares.
Fin24 reports that Ainsley is a wholly owned indirect subsidiary of Ibex – the company that took over all of Steinhoff's assets and liabilities when it was liquidated in 2023.
It holds just over 1bn Pepkor shares, or just over 28% of its shares in issue.
For the past 18 months, Ibex and its subsidiaries have been battling against a series of SARB blocking orders as they seek to withdraw funds or sell shares to pay off debt.
While Ibex has won some cases, other sources of revenue remain blocked.
In its SENS notice yesterday, Pepkor said it was informed last week by Ainsley that it was prohibited from dealing in the shares under a section of SA's exchange control laws.
The specific regulation allows the central bank to block transactions if it has a reasonable suspicion that exchange laws have been broken.
SARB has used these and similar regulations to freeze funds linked to senior Steinhoff executives, including former CEO Markus Jooste.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
