South African billionaire Christo Wiese has seen a sharp decline of over $54 million this year, primarily attributed to the notable drop in the market value of his stake in Shoprite Holdings, Africa’s leading retail conglomerate.
According to data tracked by Billionaires.Africa, Wiese’s stake in Shoprite has lost R1.04 billion ($54.7 million) In the first 16 days of 2024 driven by the recent dip in the shares of the leading retail group on the Johannesburg Stock Exchange (JSE).
Wiese, a top figure in Africa’s business landscape, experienced a noteworthy increase in his wealth throughout 2023, placing him among Africa’s richest men. However, this year has brought an unexpected turn as he faces a substantial setback in his fortune in the past sixteen days.
Wiese’s $920-million investment: Unveiling the dynamics of his 11.58-percent stake in Shoprite
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.
Wiese’s holdings in Shoprite amount to an 11.58-percent stake, valued at more than $920 million. This stake comprises 305.6 million non-convertible, non-participating, no-par value deferred shares and common stock, giving him more than 32.2 percent of Shoprite’s voting rights.
Since the beginning of the year, Shoprite shares on the JSE have fallen by 5.56 percent. This decline has seen the share price fall from R275.05 ($14.05) on Jan. 1 to R259.75.04 ($13.64) at the time of writing, pushing its market capitalization below $8.1 billion.
Wiese’s wealth wanes: A rundown of the $54.7-million erosion in his retailer stake
As a result of this single-digit percentage slump, the market value of Wiese’s stake in the retailer has contracted by R1.04 billion ($54.7 million) since the start of the year, declining from R18.73 billion ($980.37 million) on Jan. 1 to R17.70 billion ($926.87 million) at the time of writing.
Despite this substantial decline in Wiese’s stake, he remains one of the most affluent investors on the JSE and one of the wealthiest businessmen across the African continent. His $1.2-billion fortune makes him the world’s 2,301st richest individual.
