Steinhoff has raised 7.1 billion rand ($587 million) from the sale of a stake in investment firm PSG Group, part of the South African retailer's efforts to plug a liquidity gap.
It was announced last month that Steinhoff was considering selling stakes worth a combined $1.4 billion in PSG Group and KAP Industrial to raise much-needed funds.
Steinhoff said it had sold about 29.4 million shares in PSG for 240 rand per share to institutional investors in an accelerated bookbuild.
Steinhoff, which owned 16 percent of PSG, now owns about 2.5 percent in the firm, which has a total market value of around 60 billion rand.