South African billionaire Christo Wiese loses $46 million by investing in Shoprite

by MMC
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South African billionaire Christo Wiese has seen a significant decline in his fortune due to a substantial decline in the market value of his stake in Shoprite Holdings, totaling $46 million, due to the recent drop of the retailer’s share price on the stock exchange. Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, the market value of Wiese’s stake in Shoprite has decreased by R892.39 million ($46.20 million) over the past 23 days. The drop follows the $13.8 million dividend it received on October 2.

Shoprite Holdings, recognized as South Africa’s leading food retailer and Africa’s largest retail conglomerate, has more than 142,000 employees located across the continent. It serves its customers through a vast network of 2,989 stores.

Christo WieseShoprite’s holdings represent an 11.58 percent stake, valued at more than $780 million. This stake comprises 305.6 million deferred shares and non-convertible ordinary shares, non-equity and no par value, giving it more than 32.2 per cent of Shoprite’s voting rights.

Over the past few weeks, Shoprite shares on the JSE saw a substantial decline of 5.56 percent. This drop saw the share price fall from 254.42 rand ($13.17) on September 11 to 240.28 rand ($12.44) at the time of writing, pushing its market capitalization below 150 billion rand ($7.35 billion).

Due to this single-digit drop in percentage Shoprite shares, the market value of Christo Wiese’s stake in the retailer has decreased by R892.39 million ($46.20 million) over the past 23 days. It fell from 16.06 billion rand ($831.3 million) on September 11 to 15.16 billion rand ($785.1 million) at the time of writing.

Despite this substantial drop in Christo Wiese’s stake, he remains one of the richest investors on the Johannesburg Stock Exchange and one of the richest businessmen on the African continent.

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