Pepkor chief executive Pieter Erasmus has sold shares in the discount retailer worth more than R500 million, while retaining an indirect holding in the company valued at about R1 billion, in a move linked to a portfolio rebalancing by an associated investment vehicle. Erasmus disposed of 20 million Pepkor shares over three trading days in early February at prices ranging between R26.10 and R27.27 each, generating proceeds of R531.3 million.
The shares were sold through Vista Treasury, an associate of Erasmus, which described the transactions as part of a periodic adjustment of its investment portfolio. Vista previously held 60 million Pepkor shares acquired through a series of transactions connected to the 2022 global settlement involving Steinhoff, now known as Ibex. That settlement reshaped ownership structures across several assets and resulted in Vista gaining exposure to Pepkor through layered financing and security arrangements.
Pepkor disclosed that Vista’s stake was linked to complex agreements with an entity called Ainsley, including subscription and pledge structures that ultimately enabled Vista to take transfer of 60 million Pepkor shares in April 2025. A subsequent legal dispute between the parties was settled in August, after which Vista reacquired the shares at R27.096 per share, representing roughly 1.6% of Pepkor’s issued share capital. The company emphasised that the shares are not held directly by Erasmus in his personal capacity.
Later in 2025, Vista restructured part of its investment by acquiring an 88.28% stake in Business Venture Investments No 1499, settling the purchase partly through the transfer of 20 million Pepkor shares. This transaction altered the structure of Vista’s holdings without changing its overall exposure to the retailer. Following the recent disposals, Vista’s indirect interest in Pepkor stands at 40 million shares, valued at approximately R1.05 billion at current market prices.
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As reported by Bloomberg, Pepkor has been one of the stronger performers in South Africa’s retail sector, supported by growth in fintech and credit offerings that have expanded its customer base beyond traditional discount retail. The company’s share price has recovered from lows seen during the broader Steinhoff restructuring period, trading in the mid-R20 range in early 2026 and lifting the value of executive-linked holdings.
Additional complexity surrounds historic call options granted to another Erasmus associate, Trevo Capital, as part of the Steinhoff settlement. Pepkor confirmed that options over 120 million shares, exercisable in 2025 at a strike price of R24.9215, were cancelled in the 2024 financial year after being valued at zero due to weak share price performance during that period. According to Reuters, executive share transactions and incentive structures have drawn increased scrutiny globally as investors focus on governance transparency and alignment with shareholder interests.
Beyond his indirect equity stake, Erasmus participates in Pepkor’s long-term incentive scheme and holds 2.416 million share rights awarded in 2024 and 2025. These awards are subject to conditional vesting in March 2027 and March 2028 and were collectively valued at just over R52 million at the time of reporting. The combination of retained equity exposure and incentive-linked rights maintains a significant financial interest in the retailer despite the recent share sale.