Shoprite

Wiese owns 11.58 percent of the company, valued at over $860 million.

Wiese owns an 11.58-percent stake in Shoprite.

The trust will directly benefit the group’s South African employees.

The move comes nearly three weeks after it received approval from a Cape Town high court to pay the investors.

The increase in the value of his stake can be attributed to sustained investor interest in the retail behemoth.

The retailer’s market capitalization on the Johannesburg Stock Exchange is $7.8 billion.

Earlier, the group’s core business, Supermarkets RSA, reported an 11.6-percent increase in sales in Q1 2021.

Shoprite will pay shareholders a final dividend of $141.1 million from its profit for the 2021 financial year.

The move comes after Shoprite classified its subsidiary in Uganda as discontinued.

Africa’s largest retailer has unveiled plans to integrate the subsidiaries of Walmart-owned Massmart into its operations.