South African billionaire Christo Wiese’s fortune has received a significant boost recently thanks to a rebound in the market value of his investment in Shoprite Holdings Limited, Africa’s biggest retail conglomerate.
Wiese’s stake in the retail giant has climbed back above the $900-million mark after his holdings increased by over $68 million in the past two weeks. This strengthens his position among Africa’s wealthiest individuals.
Wiese’s Shoprite stake rebounds after recent decline
According to data tracked by Billionaires.Africa, Wiese’s stake in Shoprite has increased by R1.25 billion ($68.2 million) over the past 14 days, to R17.12 billion ($931.19 million) as of the drafting of this report. This surge is driven by a recent rise in Shoprite’s share price on the Johannesburg Stock Exchange (JSE).
The recent rebound in the market value of his shares in Shoprite follows a significant decline between April 2 and 21, when his investment in the leading retailer value declined by $66.3 million, slipping from R17.03 billion ($889.17 million) to R15.76 billion ($822.92 million).
Shoprite’s stock gains 7.9 percent in 14 days
Shoprite Holdings, South Africa’s leading grocer and Africa’s biggest retail conglomerate by store count, employs over 150,000 people across the continent. The company operates a vast network of more than 3,500 stores, catering to a diverse customer base.
Its shares have climbed 7.9 percent in recent weeks, rising from R233 ($12.6695) on April 22 to R251.00.41 ($13.6769) at the time of writing. This surge has pushed its market capitalization above $8 billion, returning impressive gains to Wiese and other shareholders.
Christo Wiese’s stake gains $68.2 million
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.
Thanks to the recent upswing, the market value of Wiese’s stake has increased by R1.25 billion ($68.2 million) over the past two weeks, rising from R15.86 billion ($863 million) on April 22 to R17.12 billion ($931.2 million).
The rebound in the market value of Wiese’s stake strengthens his position among South Africa’s richest individuals. With his Shoprite stake now reapproaching the $1-billion mark, Wiese remains a billionaire, with his net worth likely exceeding $1.2 billion.
