South African billionaire Christo Wiese has seen a substantial increase in the market value of his stake in Shoprite Holdings Limited, propelled by the recent surge in the retailer’s share price on the Johannesburg Stock Exchange.
Wiese, a prominent figure in South Africa’s business landscape, has experienced a notable surge of R872.15 million ($46.93 million) in the market value of his stake in Shoprite over the past 13 days.
The recent multimillion-dollar increase in the market value of his stake can be attributed to increased investors’ interest in the retail giant, leading to a surge in its share price on the Johannesburg Stock Exchange in recent times.
Shoprite Holdings — renowned as South Africa’s leading food retailer and Africa’s largest retail conglomerate — operates with a workforce of more than 142,000 employees spanning the continent. It serves customers through an extensive network of 2,989 stores.
The group’s recently published unaudited results revealed a 13.9-percent rise in merchandise sales, driving half-year sales to a record of R121.1 billion ($6.37 billion). In South Africa alone, merchandise sales experienced a robust 14.6 percent surge, reaching R97.5 billion ($5.13 billion).
In recent times, Shoprite shares have increased by 4.98 percent, rising from R257.00 ($13.83) on Feb. 28 to R269.81 ($14.52) at the time of drafting this report, propelling its market capitalization above $8.5 billion, resulting in substantial gains for Wiese and other shareholders.
Wiese, who played a key role in Shoprite’s growth into its present position as Africa’s largest retailer owns an 11.5-percent stake in the leading supermarket chain, this stake translates to a total of 68,083,200 ordinary shares in the group.
As a result of the recent upswing in its share price, the market value of Wiese’s stake in Shoprite has risen byR872.15 million ($46.93 million) in the last 13 days, increasing from R17.49 billion ($941.61 million) on Feb. 28 to R18.37 billion ($988.54 million) at the time of drafting this report.
