Amid recent bearish pressures on the Johannesburg Stock Exchange, South African billionaire Christo Wiese has suffered a sharp decline of over $30 million in recent times, in his stake in Shoprite Holdings, Africa’s leading retail conglomerate.
According to data tracked by Billionaires.Africa, Wiese’s stake in Shoprite Holdings has lost R590.8 million ($30.84 million), driven by the recent dip in the shares of the leading retail group on the Johannesburg Stock Exchange (JSE).
Shoprite’s shares plummet 3.45 percent, inflicting million-dollar losses on shareholders
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 holds a 10.67-percent stake in Shoprite, equivalent to 63,110,920 shares valued at over $850 million. This stake includes 305.6 million non-convertible, non-participating, no-par value deferred shares and common stock, granting him more than 32.2 percent of Shoprite’s voting rights.
Recently, Shoprite shares on the JSE saw a sharp decline of 3.45 percent, dropping from R271.64 ($14.087) on Feb. 22 to R262.28 ($13.602) at the time of writing. This resulted in significant losses, running into millions of dollars for shareholders, including Wiese.
Wiese’s wealth wanes: A rundown of the $30.8-million erosion in his Shoprite stake
Due to a single-digit drop in Shoprite Holdings shares, the valuation of Wiese’s stake in the retailer has dropped by R637.26 million ($33.05 million), falling from R18.49 billion ($959.14 million) on Feb. 22 to R17.86 billion ($926.09 million) at the time of writing.
Despite the recent decline in the market value of their stake, Wiese continues to be a prominent investor on the Johannesburg Stock Exchange, remaining among the wealthiest businessmen in Africa.