KAP:  780   +5 (+0.65%)  18/11/2018 00:00

Shares in South Africa's KAP Industrial fall 8 pct on Steinhoff woes

JOHANNESBURG, Dec 6 (Reuters) - Shares in South Africa's KAP Industrial Holdings fell to an 11-month low on Wednesday as companies related to Steinhoff fell out of favour with investors following the resignation of its chief executive amid an accounting probe.

The share price was down 7.7 percent at 8 rand by 1358 GMT, prompting the logistics and industrial group to say that while Steinhoff is a major shareholder, it did not have control.

"KAP is independently managed, controlled and funded and as a result should be unaffected by these recent announcements," the company said in a statement. (Reporting by TJ Strydom; Editing by James Macharia)

First Published: 2017-12-06 16:00:21
Updated 2017-12-06 16:08:36

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.