The Ackerman family, renowned as one of South Africa’s wealthiest families, has suffered a notable setback as the market value of their stake in leading retailer Pick ‘n Pay continues to plummet, adding to their wealth losses since the beginning of the year.
The family’s holdings in Pick ‘n Pay have dwindled by R387.74 million ($20.23 million) since the start of August. This financial downturn compounds the substantial losses the family has already suffered this year due to the sustained decline in the market value of their shares on the Johannesburg Stock Exchange (JSE).
Founded in 1967 by Raymond Ackerman, Pick ‘n Pay remains a top player in South Africa’s retail industry, ranking as the second-largest retailer after Shoprite Holdings. Boasting a widespread presence with more than 2,000 stores across eight African nations, the brand has solidified its status as a household name in the Southern African region.
The Ackerman family, recognized for their extensive real estate holdings, private investments, and shares in publicly listed corporations, commands a notable 25.53-percent stake in Pick ‘n Pay, constituting 124,677,238 issued shares.
Since the start of August Pick ’n Pay shares have declined by 8.32 percent, falling from R37.40 ($1.95310) on Aug. 1 to R34.29 ($1.7907) on Aug. 16, and returning losses amounting to millions of dollars for its shareholders, including the Ackerman family.
Consequently, Pick ‘n Pay’s market capitalization has dipped below $1 billion to R16.9 billion ($883.62 million), relegating it from the roster of South African billion-dollar companies.
The persistent descent in Pick ‘n Pay’s shares has resulted in a R387.7 million ($20.2 million) reduction in the market value of the Ackerman family’s stake in the retailer during the last two weeks. The family’s holdings have waned from R4.7 billion ($243.5 million) on Aug. 1 to R4.3 billion ($223.3 million) at the time of this report.
This financial blow follows a loss of R390.2 million ($21.86 million) endured during the preceding month, spanning from July 14 to 28. Despite this recent downturn, the Ackerman family remains among South Africa’s affluent elite, maintaining their stature as prominent investors on the local bourse.
