In a significant blow to one of South Africa’s wealthiest families, the Ackerman family has experienced a substantial decline in their fortune this year due to the sustained decrease in the market value of their stakes in Pick ‘n Pay on the Johannesburg Stock Exchange.
Despite this setback, the Ackermans remain among the country’s richest families and top investors on the local bourse.
The ultra-wealthy family, known for their extensive assets in real estate, private investments, and shares in publicly listed companies, has seen the market value of their stake in Pick ‘n Pay plummet by $157.2 million since the start of the year.
Pick ‘n Pay, founded in 1967 by Raymond Ackerman and presently ranked as South Africa’s second-largest retailer behind Shoprite Holdings, operates more than 2,000 stores across eight African countries.
Gareth Ackerman, Raymond’s son, now represents the family and holds a significant 25.53-percent stake in Pick ‘n Pay, amounting to 124,677,238 issued shares.
Unfortunately, the retailer’s shares on the Johannesburg Stock Exchange have depreciated to R32.21 ($1.65), a 43.3-percent decline from their initial value of R56.8 ($2.91) at the beginning of the year.
Consequently, the retailer’s market capitalization on the South African bourse has dipped below $1 billion to R15.9 billion ($815.2 million). Meanwhile, the market value of Ackerman’s stake in Pick ‘n Pay currently stands at $205 million.
Data tracked by Billionaires.Africa reveals a substantial decline in the Ackerman family’s stake, dropping by R3.06 billion ($157.21 million) from R7.08 billion ($363.13 million) on January 1 to R4.015 billion ($205.92 million) at the time of reporting.
Despite this setback, the Ackerman family remains resilient, not only holding their position as one of South Africa’s richest families but also maintaining their status as prominent investors on the Johannesburg Stock Exchange.
The decline in the market value of their stake in Pick ‘n Pay underscores the volatility of the current economic climate, affecting even the most established and successful investors.
Nonetheless, their enduring presence among South Africa’s wealthiest families demonstrates their ability to weather the storm and adapt to changing market conditions, making them a notable force in the country’s business landscape.