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    Billionaire Christo Wiese Sells R1bn Stake in Shoprite

    1 Min Read
    Christo Wiese, billionaire and chairman of Steinhoff Holdings NV, gestures whilst speaking during a Bloomberg Television interview at the Pepkor Holdings Pty Ltd. offices in Cape Town, South Africa, on Wednesday, Aug. 17, 2016. Steinhoff Holdings NV isn't done with deals yet and has the potential to double its market value over the next five years, according to Wiese, the chairman and largest shareholder of the acquisition-hungry South African retailer. Photographer: Waldo Swiegers/Bloomberg

    South African billionaire Dr. Christo Wiese has sold a stake worth R1 billion in Shoprite Holdings, reducing his shareholding in the retail giant.

    1. Wiese’s vehicle, Titan Fincap, sold 3.8 million shares at a price of R245 per share, suggesting a single buyer, likely an asset manager, was involved in the transaction.
    2. Despite the sale, Wiese still retains 59.279 million shares in Shoprite, which accounts for a 10.02% stake in the company.
    3. The Government Employees’ Pension Fund (GEPF) through the Public Investment Corporation (PIC) remains the largest shareholder in Shoprite, holding a 15.54% stake.
    4. The sale price of R245 per share represents a 28% increase from the 52-week low and an 8% decrease from the 52-week high of Shoprite’s stock.
    5. This is not the first time Wiese has divested from Shoprite. In 2019, his investment entity, Titan, sold 19 million shares in a transaction valued at R2.5 billion.
    6. Despite stepping down as chair in 2020, Wiese remains a non-executive director of Shoprite and holds significant control through his ownership of non-convertible deferred shares, which grant him 32.3% of the company’s voting rights.
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