Steinhoff shares down after Reuters report on undisclosed deals

Steinhoff shares down after Reuters report on undisclosed deals
People chat in front of a reception with an electronic board displaying movements in major indices at the Johannesburg Stock Exchange building in Sandton Johannesburg
JOHANNESBURG (Reuters) - Steinhoff International's Johannesburg-listed shares fell to a 10-week low after Reuters reported the company did not tell investors about almost $1 billion in transactions with a related company despite laws that some experts believe require it to do so.

Shares in the furniture retailer dropped to 56 rand in early trading, but recovered to 59.46 rand by 1113 GMT, around 3.9 percent weaker than its closing price on Tuesday.

(Reporting by TJ Strydom; editing by Jason Neely)

2017-11-08 13:23:00

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