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South African billionaire Christo Wiese’s fortune has seen a swift reversal. After a brief rise in February-March, his stake in Shoprite Holdings, the continent’s largest retail conglomerate, has declined by more than $60 million, dipping below $900 million.
According to data tracked by Billionaires.Africa, Wiese’s stake in the leading retailer has fallen by R1.2 billion ($63.77 million) over the past 16 days to R16.85 billion ($892.52 million). This follows a $46.9 million gain recorded between Feb. 28 and Mar. 12, when the market value of his Shoprite stake climbed from $941.61 million to $988.54 million.
Christo Wiese owns 11.5-percent stake in Shoprite Holdings
Shoprite Holdings, South Africa’s leading grocer and Africa’s largest retailer employs more than 142,000 people across the continent. The company operates an extensive network of 2,989 stores, serving a vast customer base.
Shoprite has achieved an “A-” Leadership Level Rating from the Carbon Disclosure Project (CDP), a global environmental non-profit. This recognition highlights the company’s commitment to environmental stewardship and its efforts to mitigate climate change risks.
Wiese, a key figure in Shoprite’s evolution into its present 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.
Shoprite shares slide, Christo Wiese’s stake drops below $900 million
Shoprite shares have seen a notable decline on the Johannesburg Stock Exchange (JSE) in recent times, dipping 6.67 percent from R265.12 ($14.05) on March 13 to R247.44 ($13.11) at the time of writing. This drop has pushed Shoprite’s market capitalization below $8 billion.
The decrease in share price has also impacted the wealth of Shoprite’s second-largest shareholder, Wiese. His stake in the retailer has declined by R1.2 billion ($63.77) over the past 16 days, from R18.05 billion ($956.29 million) to R16.85 billion ($892.52 million).
Despite this setback, Wiese remains a prominent figure among Johannesburg Stock Exchange investors and retains his position as one of Africa’s wealthiest businessmen.
