Table of Contents
Key Points
- Ackerman family’s stake in Pick n Pay surged by $19.35 million in two weeks, now worth over $180 million.
- Pick n Pay shares jumped 12% on the JSE, lifting market cap past $1 billion amid restructuring and expansion.
- The retailer’s rebound follows strategic store closures and expansion, including a new outlet at Westown Square.
South Africa’s wealthy Ackerman family, founders of Pick n Pay, has seen significant paper gains from shares in the country’s second-largest grocer. Their stake in the retailer has grown by over $19 million, pushing its value above $180 million, driven by a sharp rise in Pick n Pay’s share price.
The family owns 16.71 percent of Pick n Pay, which amounts to 124.68 million shares. In less than two weeks, the value of that stake has risen by R364.06 million ($19.35 million), bringing their total holding back above $180 million and solidifying their position among South Africa’s wealthiest families.
Pick n Pay shares jump 12%, market cap tops $1 billion
Pick n Pay, founded in 1967, has firmly established itself as one of Africa's retail giants, with over 2,000 stores spread across eight countries. As South Africa's second-largest grocer, it trails only Shoprite, which is partly owned by billionaire Christo Wiese.
The company recently took a bold step by opening a new supermarket at Westown Square, just two months after closing 32 stores as part of a broader restructuring effort. This move aims to improve customer convenience and offer fresher products.
In the last two weeks, Pick n Pay’s stock has surged by 12 percent on the Johannesburg Stock Exchange (JSE), climbing from R24.33 ($1.29) on April 4 to R27.25 ($1.45). This rally has boosted the company’s market cap above the $1 billion mark, benefiting shareholders, particularly the Ackerman family.
Ackerman family’s wealth rises as retail giant rebounds
Pick n Pay’s recent surge in share price has added R364.06 million ($19.35 million) to the Ackerman family’s stake in just 14 days, pushing its market value from R3.03 billion ($161.19 million) on April 4 to R3.4 billion ($180.54 million).
This gain highlights the Ackermans' continued influence in South Africa’s retail sector, securing their position among the wealthiest investors on the Johannesburg Stock Exchange (JSE).
As Pick n Pay strengthens its performance, the Ackerman family stands to benefit from the company's ongoing strategic efforts and its ability to navigate the competitive retail market. This further solidifies their legacy in African business.
