South Africa’s Ackerman family, one of the wealthiest, has had a significant wealth increase over the last 27 days, reaching millions of dollars. Their investment in Pick ‘n’ Pay has recovered, with strong growth despite earlier losses this year.
The family recently increased its share in Pick ‘n Pay by R551.07 million ($29 million). This expansion is tied to a recent increase in the retailer’s stock price on the Johannesburg Stock Exchange.
Pick ‘n Pay, founded in 1967, is a prominent player in Africa’s retail sector, with over 2,000 outlets across eight nations. As the country’s second-largest retailer, it falls behind Shoprite Holdings, a retail behemoth partially controlled by South African billionaire Christo Wiese.
Pick ‘n Pay shares have increased by 20.4% since Jan. 15, rising from R21.67 ($1.139) to R26.09 ($1.327) as of reporting. The company’s market valuation has already surpassed $675 million, resulting in enormous returns for investors, including the Ackerman family.
The Ackerman family, recognized for its riches and various investments, currently has a huge 25.53 percent stake in Pick’n Pay, which equates to 124,677,238 shares.
The recent increase in Pick’n Pay’s shares has resulted in an R551.07-million ($29 million) increase in the market value of the Ackerman family’s interest in the last 27 days.
The Ackerman family’s aggregate interests increased in market value from R2.70 billion ($142.06 million) on January 15 to R3.25 billion ($171.04 million) today. This strengthens the Ackerman family’s position as prominent investors on the JSE.
