South Africa’s affluent Ackerman family, the creators of Pick ‘n Pay, the country’s second-largest supermarket, has seen their multimillion-dollar fortune grow further as the market value of their stock in the leading retail business has rebounded.
The family’s share in Pick n Pay has increased by R254.34 million ($13.9 million) in the last 22 days. Pick n Pay’s shares on the Johannesburg Stock Exchange (JSE) have rebounded after recent setbacks.
From May 21 to June 7, the Ackerman family’s interest in Pick ‘n Pay climbed by R397.72 million ($20.96 million), from R2.64 billion ($139 million) to R3.04 billion ($159.97 million).
Pick & Pay, founded in 1967, is a major player in Africa’s retail sector, with over 2,000 outlets in eight African countries. It is South Africa’s second-largest grocer, after Shoprite. The Ackerman family presently owns 25.53 percent of Pick n Pay, which equates to 124,677,238 shares.
Pick ‘n Pay shares on the JSE have increased by 8.29% in the last 22 days, from R24.61 ($1.342) on June 12 to R26.65 ($1.453), bringing the company’s market valuation closer to $700 million and providing significant benefits to owners.
The Ackerman family presently owns 25.53 percent of Pick n Pay, which equates to 124,677,238 shares. With the latest share price gain, the market value of the family’s holding has increased by R254.34 million ($13.9 million) in the last 22 days.
The family’s joint shareholding increased from R3.07 billion ($167.15 million) on June 12 to R3.32 billion ($181 million), cementing their position as top investors on the JSE and emphasizing their importance in South Africa’s corporate scene.
Pick n Pay’s stock on the JSE has seen moderate year-to-date increases of 14.53 percent, aided by currency appreciation of 18.4 percent, following a rocky 2023 when its share price fell below 25 rands ($1.30).
An initial investment of $100,000 at the start of the year is now worth $118,397, reflecting a profit of $18,397.
