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Christo Wiese’s Shoprite Investment Approaches $1 Billion Again

Christo Wiese, a South African millionaire, has watched the value of his share in Shoprite Holdings, Africa’s largest grocer, rise in the last 12 days. The R716.24 million ($39.44 million) gain is driven by the retailer’s recent share price jump on the Johannesburg Stock Exchange (JSE).

The current $39.4-million spike brings Wiese’s holding back to $1 billion, indicating continued investor interest in Shoprite. The increase strengthens his position among Africa’s wealthiest persons.

The latest gains come after a $68.2 million boost between April 22 and May 6, when the value of his investment increased from R15.86 billion ($863 million) to R17.12 billion ($931.2 million).

Shoprite Holdings, South Africa’s major grocer and Africa’s largest retail company by store count, employs more than 150,000 people across the continent. The corporation has a broad network of over 3,500 outlets, serving a diverse customer base.

Shoprite shares on the JSE have increased by 4.19 percent in the past 12 days, from R251 ($13.82) on May 6 to R261.5 ($14.4). This spike has pushed the retailer’s market valuation past $8.5 billion, resulting in big rewards for owners like Wiese.

Wiese, who was pivotal in Shoprite’s rise into Africa’s largest retailer, owns 11.5 percent of the major grocery chain, or 68,083,200 ordinary shares in the firm.

The market value of Wiese’s stake has increased by R716.24 million ($39.44 million) in the last 12 days, from R17.09 billion ($940.96 million) on May 6 to R17.81 billion ($980.39 million).

Wiese’s Shoprite holding is close to $1 billion, and he has a net worth of $1.2 billion, making him one of Africa’s billionaires. This milestone demonstrates his tremendous impact and successful investments in the continent’s retail sector.

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