Key Point
- Ackerman family’s stake in Pick n Pay has surged by R254.34 million ($13.9 million) in the past 22 days.
- Pick n Pay shares on the JSE have surged 8.29 percent, increasing its market capitalization to nearly $700 million.
- Year-to-date, Pick n Pay’s stock delivered a 14.53 percent gain, with additional currency appreciation bringing the total to 18.4 percent.
South Africa’s wealthy Ackerman family, the founders of Pick ‘n Pay South Africa’s second-largest grocer, has recorded another boost in their multimillion-dollar fortune thanks to the recent rebound in the market value of their investment in the leading retail group.
According to data tracked by Billionaires.Africa, the family’s stake in Pick n Pay has surged by R254.34 million ($13.9 million) over the past 22 days. The gain comes as Pick n Pay shares on the Johannesburg Stock Exchange (JSE) rebound after recent setbacks.
This uptick builds on earlier gains recorded between May 21 and June 7, when the market value of the Ackerman family’s stake in Pick ‘n Pay increased by R397.72 million ($20.96 million), rising from R2.64 billion ($139 million) to R3.04 billion ($159.97 million).
Pick n Pay shares surge by over 8 percent
Pick n Pay, established in 1967, is a leading player in Africa’s retail sector, with over 2,000 stores across eight African countries. It is South Africa’s second-largest grocer, following Shoprite. The Ackerman family currently holds a 25.53 percent stake in Pick n Pay, equivalent to 124,677,238 shares.
Pick ‘n Pay shares on the JSE have surged 8.29 percent in the past 22 days, rising from R24.61 ($1.342) on June 12 to R26.65 ($1.453), pushing its market capitalization closer to $700 million, delivering substantial gains to shareholders.
South Africa’s Ackerman family gains $13.9 million
The Ackerman family currently holds a 25.53 percent stake in Pick n Pay, equivalent to 124,677,238 shares. With the recent share price increase, the market value of the family’s stake has risen by R254.34 million ($13.9 million) over the past 22 days.
The family’s joint stake has risen from R3.07 billion ($167.15 million) on June 12 to R3.32 billion ($181 million), solidifying their status as top investors on the JSE and highlighting their prominence in South Africa’s business landscape.
Your Money and Your Life: Positive year-to-date performance
After a turbulent 2023 that saw the company’s share price fall below 25 rands ($1.30), Pick n Pay’s stock on the JSE has delivered modest year-to-date gains of 14.53 percent assisted further by currency appreciation to 18.4 percent.
An initial investment of $100,000 at the beginning of the year would now be worth $118,397, representing a profit of $18,397.
