Titan Fincap Solutions Limited, which is affiliated with South African billionaire Christo Wiese, has paid R1.1 billion ($63.1 million) for 3.83 million shares in Shoprite Holdings, South Africa’s largest retailer. The acquisition was announced through a regulatory filing on the Johannesburg Stock Exchange (JSE).
The transaction, completed on October 7, 2024, concludes a scrip loan agreement that permitted Titan Fincap to borrow 3,831,164 ordinary shares of Shoprite on October 12, 2023. The on-market acquisition was completed at R290 ($16.64) per share, exactly matching the loaned amount and so clearing the loan.
In addition to the loan settlement, Titan Fincap executed a whole return swap on October 7, 2024. The off-market derivative related to Shoprite’s share price had a notional value of R1.11 billion ($63.7 million) and a reference price of R290 ($16.64) per share. The swap was terminated and cash settled the next day, October 8, 2024.
The transactions have no effect on the voting rights of Shoprite’s ordinary or deferred shares, which are owned by Thibault Square Financial Services, another Wiese-linked business. Wiese owns 305,621,601 non-convertible, non-participating deferred shares through this vehicle, demonstrating his long-term influence at the retail behemoth.
Christo Wiese, a South African billionaire best known for directing Shoprite to become Africa’s largest retail giant, is still actively involved in the group’s strategic direction. Shoprite has over 3,500 stores throughout Africa and employs over 150,000 people.
Wiese, a prominent shareholder with a 10.67 percent holding in Shoprite, has indirect control over the shares through Titan Fincap’s parent firm, Titan Premier Investments (TPI).
His total ownership of 63,110,920 shares is currently valued at R18.3 billion ($1.05 billion), making up a large percentage of his estimated $1.6 billion fortune.