JSE slaps Pepkor (Steinhoff Africa Retail) on wrist for inadequate disclosure

PEP Stores logo. Picture: Facebook.

We’ve got three Steinhoff members on our board… They play an active part in making the company better…

Leon Lourens, Pepkor Holdings

I’m not too scared of Mr Tekkie.

Leon Lourens, Pepkor Holdings

Pepkor Holdings (formerly known as Steinhoff Africa Retail) did not adequately disclose to its shareholders that it stood surety for R15 billion of Steinhoff’s debt, according to the Johannesburg Stock Exchange (JSE).

The JSE on Monday fined Pepkor R5 million – of which it suspended R1 million for two years - for misleading investors.

Pepkor also made loans to its directors and senior managers without adequate disclosure.

Pepkor Holdings released results on Monday.

Revenue increased by 10.9% to R64.2 billion.

Operating profits are up 10.7% to R6.4 billion.

The company will pay a dividend of 27.8 cents per share.

The Money Show’s Bruce Whitfield interviewed Leon Lourens, CEO at Pepkor Holdings.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Tekkie Town, there’s still a bit of an altercation with them… a relatively small matter… We’ve done pretty well in a year full of distractions…

Leon Lourens, Pepkor Holdings

We’ve got audited results out… as far as our accounts are concerned, there can’t be much wrong with it… You can imagine the scrutiny they’re under…

Leon Lourens, Pepkor Holdings

Pep now has 19 consecutive years of operating profit growth…

Leon Lourens, Pepkor Holdings

Africa is very volatile… We didn’t have the best of years… But the four or five years before that were very good years…

Leon Lourens, Pepkor Holdings

Nothing at all. [When asked about plans to bring Shoprite into the fold.]

Leon Lourens, Pepkor Holdings

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