Extension by Reserve Bank lifts Steinhoff’s settlement prospects

Steinhoff has received permission from the SA Reserve Bank to send more money abroad to pay its creditors and lenders, boosting the chances that a settlement crucial to its survival will go ahead.

Its share price rose 12.1% in mid-morning Monday trade, on track for the biggest advance since the end of August. Steinhoff also said on Monday morning that it had been granted a longer time frame to send additional funds outside of the country. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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