South African billionaire Christo Wiese’s Shoprite stake nears $1 billion again

Omokolade Ajayi -

South African billionaire Christo Wiese has seen the value of his stake in Shoprite Holdings, Africa’s largest grocer, surge over the past 12 days. The increase of R716.24 million ($39.44 million) is fueled by the recent surge in the retailer’s shares on the Johannesburg Stock Exchange (JSE).

This recent $39.4-million surge propels Wiese’s stake back towards the $1-billion mark —  highlighting sustained investor interest in Shoprite. The boost further solidifies his position among Africa’s wealthiest individuals.

According to data tracked by Billionaires.Africa, the latest gains follow a $68.2 million increase between April 22 and May 6, when the value of his stake rose from R15.86 billion ($863 million) to R17.12 billion ($931.2 million).

Shoprite gains four percent in 12 days, market cap tops $8.5 billion

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.

On the JSE, Shoprite shares have climbed 4.19 percent in the last 12 days, from R251 ($13.82) on May 6 to R261.5 ($14.4). This surge has pushed the retailer’s market capitalization above $8.5 billion, delivering significant gains to shareholders like Wiese.

Wiese strengthens billionaire status with booming Shoprite stake

Wiese, instrumental in Shoprite’s expansion into Africa’s largest retailer, holds an 11.5-percent stake in the leading supermarket chain, amounting to 68,083,200 ordinary shares in the group.

Due to the recent upswing, the market value of Wiese’s stake has risen by R716.24 million ($39.44 million) over the past twelve days — from R17.09 billion ($940.96 million) on May 6 to R17.81 billion ($980.39 million).

With his Shoprite stake approaching $1 billion and a net worth of $1.2 billion, Wiese cements his position among Africa’s billionaires. This milestone underscores his significant influence and successful investments in the continent’s retail sector.