South African billionaire Christo Wiese has seen a substantial increase in the market value of his stake in Shoprite Holdings Limited, propelled by the recent surge in the retailer’s share price on the Johannesburg Stock Exchange.
According to data tracked by Billionaires.Africa, Wiese, a prominent figure in South Africa’s business landscape, has experienced a notable surge of R872.15 million ($46.93 million) in the market value of his stake in Shoprite over the past 13 days.
The recent multimillion-dollar increase in the market value of his stake can be attributed to increased investors’ interest in the retail giant, leading to a surge in its share price on the Johannesburg Stock Exchange in recent times.
Shoprite shares surge by 4.98-percent surge, delivering substantial returns to investors.
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.
The group’s recently published unaudited results revealed a 13.9-percent rise in merchandise sales, driving half-year sales to a record of R121.1 billion ($6.37 billion). In South Africa alone, merchandise sales experienced a robust 14.6 percent surge, reaching R97.5 billion ($5.13 billion).
In recent times, Shoprite shares have increased by 4.98 percent, rising from R257.00 ($13.83) on Feb. 28 to R269.81 ($14.52) at the time of drafting this report, propelling its market capitalization above $8.5 billion, resulting in substantial gains for Wiese and other shareholders.
Christo Wiese’s Shoprite investment nears $1 billion
Wiese, who played a key role in Shoprite’s growth into its present position as Africa’s largest retailer owns an 11.5-percent stake in the leading supermarket chain, this stake translates to a total of 68,083,200 ordinary shares in the group.
As a result of the recent upswing in its share price, the market value of Wiese’s stake in Shoprite has risen byR872.15 million ($46.93 million) in the last 13 days, increasing from R17.49 billion ($941.61 million) on Feb. 28 to R18.37 billion ($988.54 million) at the time of drafting this report.
