・South African billionaire Christo Wiese strategically sells $49 million worth of Shoprite shares.
・Shoprite’s impressive 17.1% revenue growth led to a generous dividend payout and a 10.5% increase in full-year dividends per share.
・Wiese’s decision to reduce his Shoprite stake follows a significant final payout.
The South African billionaire sold 3.83 million common shares at a price of R245 ($12.89) per share through Titan Fincap, a company owned by his investment vehicle Titan Premier Investments, according to a SENS notice posted on Shoprite’s website and the Johannesburg Stock Exchange. The deal sums up to R938.6 million ($49.45 million).
As of September 10, Wiese owned an 11.58 percent share in Shoprite, which was once valued at more than $900 million. He has since decreased his investment in the massive retailer. His $1.1 billion fortune, which made him one of Africa’s richest people, was mostly made up of these Shoprite shares.
Wiese made this decision after receiving a final payout from his interest in Shoprite on October 2 in the amount of R261.91 billion ($13.84 million). Following Shoprite’s strong financial performance for the fiscal year 2023, which ended on July 2, 2023, the dividend payment was made.
The Shoprite board of directors declared a final dividend of R4.15 ($0.217) per share as a reward for the company’s tenacity. This furthered Shoprite’s dedication to providing value to its shareholders and stakeholders with a full-year dividend per share rise of 10.5%.
Source : MSN
