Christo Wiese, a South African billionaire, has seen his wealth grow significantly, with his holding in Shoprite Holdings, Africa’s largest retailer, growing by $107 million as a result of the business’s recent share price increase on the Johannesburg Stock Exchange.
Wiese’s investment in Shoprite has increased by R1.93 billion ($107.3 million) in the last 53 days, taking it above $1.1 billion. This is lower than the prior increase of $153.66 million in June, indicating that interest has been sustained.
Shoprite Holdings, South Africa’s top grocer and Africa’s largest retail company by store count, with over 3,600 stores and employs over 150,000 people across the continent.
Shoprite, the 15th most valuable business on the JSE, has seen its share price increase by 10.1%, from R279.01 ($15.5) on June 27 to R307.35 ($17.08). This gain has pushed its market capitalization close to $10 billion.
Shoprite’s fiscal year ending June 30, 2024 had record merchandise sales of $13.14 billion, a 12% increase from the previous year. This performance demonstrates Shoprite’s sustained market dominance despite the current economic constraints.
Christo Wiese, a key figure in Shoprite’s rise to become Africa’s largest retailer, has seen his fortunes skyrocket as the company’s stock price rises.
Wiese, who holds an 11.5% position in Shoprite, or 68,083,200 shares, has seen the value of his assets rise by R1.93 billion ($107.3 million), from R18.99 billion ($1.05 billion) on June 27 to R20.93 billion ($1.93 billion).
Wiese’s net worth is estimated by Forbes to be $1.4 billion, making him one of Africa’s billionaires.
Shoprite has offered outstanding returns to investors in 2024, with its shares rising 12.3 percent year to date on the JSE. A $100,000 investment at the start of the year would now be worth $112,300, providing a profit of $12,300 to investors.