publication
2025-07-23 15:08
update
2025-07-23 15:24
Ibex Investment Holdings sold all his shares in Pepkor Holdings as part of ABB. The overarching entity of the entire capital structure is IBEX TOPCO, which also controls the PEPCO Group. This is the successor of Steinhoff, through whom the accounting scandal was called South African Enron.
IBEX Investment Holdings Ltd. sold as part of the accelerated construction of the Book of demand (Accelerated Bookbuilding, ABB) all its shares in Pepkor Holdings Ltd. The subject of the transaction was the sale of 1.045 billion shares, for which IBEX received 26.6 billion South African rands (about $ 1.5 billion).
The shares were sold with about 6 % discount on the last closing price on the Johannesburg Stock Exchange. The whole process was carried out by Goldman Sachs, JPmorgan Chase and Investec banks. Information on the sale of a share package was publicly announced on July 21, 2025, and the detailed conditions and closure of ABB took place on July 22.
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Pepkor Holdings is the greatest clothing retailer in Africa, the owner of brands such as PEP or Ackermans. The company has almost 6,000 stores in 9 African countries, but also in Brazil. Employment approx. 47 thousand employees. Revenues for 2024 amounted to approx. 85.1 billion of South African rands (ZAR, at the current exchange rate of approx. USD 4.84 billion), and the annual net profit was nearly USD 6 billion (approx. 342 million USD). The market capitalization of Pepkor is currently about 99 billion of South African rands (approx. $ 5.75 billion). This year, the exchange rate has fallen about 6 percent. on the stock exchange.
The sales transaction of the Company's shares was part of the extensive restructuring of IBEX Investment after the collapse of Steinhoff International, which was caused by the accounting scandal in 2017. Bloomberg called Steinhoff South African enron, referring to the greatest bankruptcy at Wall Street recent years and the size of the so -called creative accounting that was kept in the company. The inspection carried out by the PwC showed that Steinhoff's management made false transactions worth $ 6.5 billion in order to overstate the profits.
The former general director of Steinhoff International Markus Jooste shot himself in March 21, 2024, after the South African Financial Services Supervision Office (FSCA) punished him with a fine of 475 million rands ($ 25 million), and law enforcement bodies issued an order for his arrest.
In 2023, the court in the Netherlands approved the application for restructuring Steinhoff's debt, which concerned the company's dissolution, transferring its assets to another entity and photos of shares from the stock exchange in Frankfurt and Johannesburg. Assets, including PEPCO shares recorded on the WSE and controlled through the subsidiary of IBEX Retail Investment, went to Steinhoff Topco. Soon the group was further restructured and the company names change.
Now IBEX TOPCO BV is the highest level of the group, which is the parent subject of the entire capital structure, which includes, among others IBEX Investment Holdings Ltd., IBEX RSA Holdco and numerous operating and investment companies. The group's structure also includes Pepco Group, the owner of the Pepco and Dealz popular chain in Poland. We have recently informed that Pepco has an agreement on the sale of the British Poundland retail network.
The owners of IBEX TOPCO, according to the court judgment, are five independent foundations. The former shareholders received conditional rights to shares in the new entity, but after paying off all debt. This may not happen, because Steinhoff, preparing a restructuring plan, reported that the sale of assets may not be enough to repay for creditors.
IBEX, as a result of restructuring and obligations to creditors, gradually sold shares in Pepkor for several years. Final sales means the complete IBEX exit from the company's shareholding.
Michał Kubicki
