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The deal will add 462 stores across South Africa, Botswana, Lesotho, Namibia, and Eswatini to Pepkor’s expanding retail network, strengthening its position in the adultwear market.
Even billionaires make costly mistakes—overleveraging, overexposure, disruption, misjudgment, and poor due diligence can erase fortunes in months.
The decline reflects growing pressure on retail stocks in South Africa, as investor sentiment shifts on the Johannesburg Stock Exchange.
The payout reflects the company’s commitment to rewarding shareholders while navigating economic pressures.
The group’s South African supermarket division, which accounts for 83.7 percent of total revenue, recorded a 10.4 percent increase in sales, reaching $5.7 billion.
This is part of the company’s broader strategy to strengthen its financial structure and improve its balance sheet.
Wiese, a key architect behind Shoprite’s transformation into Africa's largest retailer, holds a 10.67 percent stake in the retail giant.
Brait’s decision to reduce its stake in Premier comes after a successful R750 million ($41.3 million) accelerated bookbuild offering earlier this year.
Brait SE plans Virgin Active UK stock listing to align with its debt reduction and portfolio optimization strategy.
Brait demonstrated notable resilience, with significant profitability and revenue growth.
South African billionaire Christo Wiese’s stake in Shoprite has increased by $115.84 million, strengthening his position among Africa’s wealthiest.
The purchase, finalized on Oct. 7, 2024, concludes a scrip loan agreement that allowed Titan Fincap to borrow 3,831,164 shares of Shoprite on Oct. 12, 2023.
The sale includes the OK Furniture and House & Home brands, as well as Shoprite's credit loan book, insurance arrangements, inventory, and certain fixed assets.
Shoprite Holdings reports robust 2024 financial performance amidst economic challenges.
