Christo Wiese’s Shoprite Stake Surpasses $1 Billion Again

Christo Wiese, a South African billionaire, has watched the market value of his investment in Shoprite Holdings, Africa’s largest retailer, recover dramatically.

Wiese’s stake fell below $900 million earlier this year, but has now risen beyond $1 billion due to a persistent increase on the Johannesburg Stock Exchange (JSE).

Data shows that Wiese’s investment in Shoprite increased by R2.78 billion ($153.66 million) in just seven days. This gain is due to renewed investor interest, which has resulted in a substantial jump in Shoprite’s share price. As a result, the market value of Wiese’s stake has increased to R19.63 billion ($1.09 billion).

Wiese’s holding has crossed $1 billion for the first time since late 2023, when Shoprite’s shares rose beyond R270 ($15) due to positive sentiment on the JSE. In March 2024, Shoprite’s share price fell below R250 ($14) due to selling pressures and macroeconomic concerns, making Wiese’s holding worth less than $900 million. The latest rally has erased these losses.

Shoprite Holdings, South Africa’s top grocer and the continent’s largest retail company by store count, with over 3,500 locations and employs over 150,000 people across Africa.

Shoprite shares on the JSE have climbed 16.5 percent in the last seven days, from R247.52 ($15.173) on June 11 to R288.34 ($15.937). This boom has increased the retailer’s market valuation to more over $8.6 billion, which benefits shareholders such as Wiese.

Christo Wiese, a crucial figure in Shoprite’s rise to become Africa’s largest retailer, has watched his fortunes increase as the business’s stock price rises. Wiese has an 11.5% holding in Shoprite, which equates to 68,083,200 ordinary shares.

This asset, which has enhanced Wiese’s status as Africa’s wealthiest since 2022, has seen a huge gain in market value in the last week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sanlam Makes $65.9 Million Acquisition

Luxury Retailer Tied To South Africa’s Richest To Leave Chinese market