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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 represents a 55.47 percent increase from his 2023 remuneration, reflecting both his contributions and the group's strong financial performance.
Shoprite CEO Pieter Engelbrecht’s 2024 compensation package comprises a secure base pay of $1.01 million and a performance-based short-term incentive of $917,841.
Wiese, a key architect behind Shoprite’s transformation into Africa's largest retailer, holds a 10.67 percent stake in the retail giant.
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.
Despite this setback, Wiese remains a prominent figure among JSE investors and retains his position as one of Africa’s wealthiest businessmen.
Shoprite Holdings is partially owned by South African billionaire Christo Wiese, who holds an 11.63-percent stake in the retailer.
Established in May 2022, the SET is a non-vesting, perpetual trust funded with 40 million Shoprite Checkers shares valued at R8.9 billion ($478.07 million).
After a brief rise in February-March, his stake in Shoprite has declined by more than $60 million, dipping below $900 million.
Shoprite, boasting more than 2,900 stores across Africa, is partly owned by South African billionaire Christo Wiese, who holds an 11.63-percent stake in the retailer.
The recent multimillion-dollar increase in the market value of his stake can be attributed to increased investors’ interest in the retail giant.
Since taking the helm in January 2017, Engelbrecht has continued to enhance the legacy established by his predecessor, Whitey Basson.
The 82-year-old South African businessman’s journey in the diamond industry began in 1976 when he purchased a mine along the Orange River.