Dealz parent to sell over €500m of shares in PSG Group

South Africa’s Steinhoff International — which owns the Dealz-Poundland stores in Ireland — plans to sell almost 7.5bn rand (€509m) of shares in South African financial services firm PSG Group, the latest in a line of disposals aimed at shoring up the retail group’s battered balance sheet.

South Africa’s Steinhoff International — which owns the Dealz-Poundland stores in Ireland — plans to sell almost 7.5bn rand (€509m) of shares in South African financial services firm PSG Group, the latest in a line of disposals aimed at shoring up the retail group’s battered balance sheet.

The owner of a string of retail businesses across Europe and the US started to sell about 29.5m shares in South Africa-based PSG with institutional investors, Steinhoff said.