Key Points:
- South African billionaire Christo Wiese sees his Shoprite stake jump $153 million in a week, pushing it back above $1 billion.
- The retailer’s stock price is up 16.5% on renewed investor interest, boosting its market cap over $8.6 billion.
- This surge solidifies Wiese’s billionaire status as his net worth climbs to an estimated $1.3 billion.
South African billionaire Christo Wiese has seen a remarkable recovery in the market value of his stake in Shoprite Holdings, Africa’s leading retailer.
Earlier this year, Wiese’s stake had fallen below $900 million, but it has now rebounded above the $1 billion mark following a sustained rally on the Johannesburg Stock Exchange (JSE).
Significant gains in a week
Data from Billionaires.Africa indicates that Wiese’s stake in Shoprite experienced a surge of R2.78 billion ($153.66 million) in just seven days. This increase is attributed to renewed investor interest, which has driven a sharp rise in Shoprite’s share price. As a result, the market value of Wiese’s stake has climbed to R19.63 billion ($1.09 billion).
This rebound marks the first time Wiese’s stake has surpassed $1 billion since late 2023, when bullish sentiment on the JSE pushed Shoprite’s shares above R270 ($15). However, earlier in 2024, selling pressures and macroeconomic concerns caused a dip in Shoprite’s share price, dropping below R250 ($14) and reducing the value of Wiese’s stake to less than $900 million in March. The recent rally has reversed these losses.
Shoprite’s market performance
Shoprite Holdings, South Africa’s leading grocer and the continent’s largest retail conglomerate by store count, operates over 3,500 stores and employs more than 150,000 people across Africa.
On the JSE, Shoprite shares have risen 16.5 percent over the past seven days, increasing from R247.52 ($15.173) on June 11 to R288.34 ($15.937). This surge has elevated the retailer’s market capitalization to over $8.6 billion, benefiting shareholders like Wiese.
Christo Wiese strengthens billionaire status on Shoprite surge
Christo Wiese, a key figure in Shoprite’s rise to Africa’s largest retailer, has seen his wealth climb as the retailer’s share price surges. Wiese holds an 11.5 percent stake in Shoprite, equivalent to 68,083,200 ordinary shares.
This holding, which has bolstered Wiese’s position among Africa’s wealthiest since 2022, has experienced a significant market value increase in the past week.
Driven by a recent double-digit share price rise, the value of Wiese’s stake has jumped by R2.78 billion ($153.66 million) since June 11, rising from R16.85 billion ($931.76 million) to R19.63 billion ($1.09 billion).
With his Shoprite stake now exceeding $1 billion and his net worth estimated at $1.3 billion by Forbes, Wiese solidifies his position among African billionaires. This milestone highlights his influence and successful investments in the continent’s retail sector.
Your Money and Your Life
Since the start of the year, Shoprite shares have reversed course, achieving a year-to-date increase of 4.83 percent at the time of drafting this report, despite market volatility.
For investors who purchased Shoprite shares on January 1, the stock’s performance has translated into a 4.83 percent gain, meaning a $100,000 investment at the start of the year would now be worth $104,830.
