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South African billionaire Christo Wiese has seen a sharp decline in the value of his stake in Shoprite Holdings Limited. In recent times, the leading retail conglomerate has experienced a notable drop in its share price on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Wiese, a top figure in South Africa’s business landscape, has seen the market value of his stake in Shoprite Holdings decrease by R947.72 million ($49.97 million) over the past 14 days.
Shoprite shares slump 5.1 percent, pushing market cap below $8.2 billion
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.
In recent times, Shoprite shares on the JSE have decreased by 5.10 percent, from R272.71 ($14.380) on Feb. 1 to R258.79 ($13.646) at the time of writing, causing its market capitalization to dip below $8.2 billion — resulting in substantial losses for Wiese and other shareholders.
Christo Wiese’s Shoprite stake drops further below $1 billion, losing $50 million in 14 days
Wiese, a key figure in Shoprite’s growth into its current position as Africa’s largest retailer, owns an 11.5-percent stake in the leading supermarket chain, which translates to a total of 68,083,200 ordinary shares in the group.
Due to a single-digit drop in Shoprite Holdings shares, Wiese’s stake in the group declined from R18.57 billion ($979.05 million) on Feb. 1 to R17.62 billion ($929.07 million) at the time of writing, resulting in a significant loss of R947.72 million ($49.97 million) over 14 days.
Despite this setback, Wiese maintains his position as one of the most affluent investors on the Johannesburg Stock Exchange and remains one of the wealthiest businessmen across the African continent.
