South Africa’s Ackerman family gains $18.5 million from Pick ‘n Pay stake

Feyisayo Ajayi -

The Ackerman family, prominent figures in South Africa’s business landscape, have witnessed a significant upswing in the market value of their stake in Pick ‘n Pay, a leading retail group, as the company’s stock surged on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, the Ackermans’ stake in Pick ‘n Pay has surged by R342.86 million ($18.54 million) over the past 25 days. This increase comes after a period of losses, during which the value of their stake dropped by R1.21 billion ($64 million) between Feb. 19 and March 19.

Pick ‘n Pay shares surge 16.42 percent

Pick ‘n Pay, established in 1967, holds a significant position in Africa’s retail sector with a network exceeding 2,000 stores across eight African countries. As the nation’s second-largest retailer, it trails behind Shoprite Holdings, partly owned by South African billionaire Christo Wiese.

In the past 25 days, Pick ‘n Pay shares have surged by 16.42 percent, rising from R16.75 ($0.90313) on March 15 to R19.50 ($1.0784) at the time of drafting this report. This surge has propelled the company’s market capitalization beyond the $530 million mark, resulting in substantial gains for shareholders, notably the Ackerman family.

South Africa’s Ackerman family gains $18.5 million

With the recent surge in the retail group’s share price, the market value of the family’s stake has risen by R342.86 million ($18.54 million) over the past 25 days, from R2.09 billion ($112.96 million) on March 15 to R2.43 billion ($131.50 million) at the time of writing.

This surge solidifies the Ackerman family’s position as one of the wealthiest investors on the JSE and underscores their prominence in South Africa’s business landscape.