Steinhoff says it should list on Frankfurt’s stock exchange by the summer after a delay caused by its imminent acquisition of Pepkor, one of the largest retailers in the Southern Hemisphere.

The Johannesburg headquartered Steinhoff group announced the circa R63bn (£3.5bn) deal to buy the non-food giant late last year, which caused a delay in its proposed plan to float the group in Europe.

Europe is where most of Steinhoff’s profits are generated, with the group believing a listing in Europe will boost its capital structure.

CEO Markus Jooste said he expects the deal for Pepkor — which majors in apparel and operates in 16 countries across Africa and Eastern Europe — to complete within a month, clearing the way for the Frankfurt listing by June 2015.