The recent multimillion-dollar increase in the market value of his stake can be attributed to increased investorsā interest in the retail giant.
Christo Wiese
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Wiese emphasized that the current withdrawal of foreign investors, including those from South Africa, is a temporary phenomenon.
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The 82-year-old South African businessman’s journey in the diamond industry began in 1976 when he purchased a mine along the Orange River.
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Wiese holds a 10.67-percent stake in Shoprite, equivalent to 63,110,920 shares valued at over $850 million.
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Shoprite backed by South African tycoon Christo Wiese secures $64 million from Standard Bank
The funding, part of Shoprite’s ongoing expansion initiative, is set to address the anticipated volume and logistics demands for the next decade.
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Wiese owns an 11.5-percent stake in the leading supermarket chain, which translates to a total of 68,083,200 ordinary shares in the group.
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Wieseās holdings in Shoprite amount to an 11.58-percent stake, valued at more than $920 million.
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Wiese owns an 11.5-percent stake in the leading supermarket chain, or 68,083,200 ordinary shares.
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Despite recent setbacks, Wiese remains a leading figure in the African business scene.
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South African billionaire Christo Wiese’s Premier Group plans $66 million in capex over next two years
Premier Group is a prominent South African fast-moving consumer goods (FMCG) conglomerate partly owned by billionaire tycoon Christo Wiese.