Why South African Billionaire Christo Wiese Sold Shoprite Shares Worth $49.4 Million

South African billionaire Christo Wiese recently sold 3.83 million common shares of Shoprite Holdings, Africa’s leading retailer at a price of $12.89 per share through Titan Fincap, a company owned by his investment vehicle Titan Premier Investments.

This was contained in a SENS notice posted on Shoprite’s website and the Johannesburg Stock Exchange. The deal sums up to $49.45 million.

The decision to sell comes amidst Shoprite’s impressive financial performance, reflecting Wiese’s strategic approach to his investments.

What you need to know

Reports say Wiese made the decision to sell shares after receiving a final dividend payout from his interest in Shoprite on the 2nd of October in the amount of $13.84 million.

This dividend was a result of Shoprite’s stellar financial performance for the fiscal year ending on the 2nd of July, 2023. 

Shoprite shares stellar performance

The retailer reported a consistent sales growth trajectory throughout the year, marking an impressive 17.1% increase. Shoprite’s revenue surged from R187.53 billion ($9.8 billion) in 2022 to R219.53 billion ($11.48 billion) in 2023.

In recognition of the company’s resilience and robust performance, the Shoprite board of directors announced a final dividend of R4.15 ($0.217) per share. 

This move underscores Shoprite’s commitment to delivering value, with a full-year dividend per share growth of 10.5%, benefiting its shareholders and stakeholders alike.

Meet Christo Wiese

Christo Wiese built much of his $1.1 billion fortune through astute investments, notably in Shoprite Holdings. As of the 10th of September, Wiese’s stake in Shoprite was a significant 11.58%, once valued at over $900 million. 

Also, Wiese owns various properties including a private game reserve in the Kalahari Desert and the prestigious wine producer, the Lourensford Estate.