Reserve Bank Blocks Trade In 506m Pepkor Shares Held By Steinhoff Successor

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The SA Reserve Bank SARB has blocked trade in 506 million Pepkor shares worth roughly R12.5 billion 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.

Ainsley is a wholly owned indirect subsidiary of Ibex the company that took over all of Steinhoffs assets and liabilities when it was liquidated in 2023. It holds just over 1 billion Pepkor shares, or just over 28 of its shares in issue.

For the past year and a half, 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 on Monday, Pepkor said it was informed last week by Ainsley that it was prohibited from dealing in the shares under a section of South Africas exchange control laws.