Steinhoff | Shareholders vote to dissolve and delist the company

JOHANNESBURG - Shareholders of the embattled Steinhoff have voted to dissolve the business and delist it from the Johannesburg Stock Exchange as well as the Frankfurt Stock Exchange.

In an extraordinary general meeting, 99% of the shareholders who attended resolved that dissolving the company would prevent a liquidation procedure and allow it time to pay off the mountain of debt it raked up over the years.

It has been provided with a debt repayment holiday of three years.

READ: Jooste loses warrant of arrest appeal

The company has indicated that it will hand over the control of its books to its creditors.

At the same time, disgraced former Steinhoff CEO Markus Jooste has lost an appeal against the arrest warrant issued by German authorities after he failed to show up for his trial currently underway in Berlin.