Steinhoff offshoot to sell $1.6 billion of its Pepkor stake

Ibex, formerly known as Steinhoff International Holdings NV., will exit its 28% stake in Africa’s largest clothing retailer Pepkor Holdings Ltd.  

The company will offer one billion shares, worth about 28 billion rand ($1.6 billion), according to the terms of the deal published Monday. Demand for the shares exceeded the stock being offered within minutes of the transaction launching, the terms show.  

Pepkor, which has almost 6,000 stores selling low-cost clothing, is tapping a pan-African boom in the use of phones for payment and banking services as well as for communication.