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Tekkie Town former executives dispute Pepkor charge

Tekkie Town former executives dispute Pepkor charge

DURBAN – Former Tekkie Town executives are disputing Pepkor Holdings’ pre-listing statement, which was issued on September 4, 2017, about the true ownership of the shoe company. 

“The former owners and management of Tekkie Town deem it necessary to address certain of the inaccuracies currently being published by Steinhoff-subsidiary Pepkor, regarding its controversial custodianship of Tekkie Town,” the statement said. 

The former executives said Pepkor Holdings, previously Steinhoff Africa Retail, was a shelf company that was first registered on May 22, 2017. 

“This company was 100 percent owned by Steinhoff. As at May 22, 2017, Steinhoff already owned 100 percent of Tekkie Town. Interestingly the Pepkor Pre-listing Statement, which was issued on September 4, 2017, contains the inaccurate statement that, 'on 1 February 2017, Tekkie Town was acquired for a purchase price of R3.4 billion settled in shares of STAR (now Pepkor Shares)'. Clearly, this could not have been true, as the Steinhoff-created entity that elects to call itself Pepkor did not exist as at February 1, 2017,” the former executives said. 

They added that Pepkor was 100 percent owned by Steinhoff on the date it took ownership of Tekkie Town. “It stands to reason that you can’t buy 100percent of something you already own 'for full value',” the former executives said.

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