South African billionaire Christoffel Wiese, a major shareholder in Shoprite with an 11.58% stake, has decided to reduce his position in the retail giant. This decision follows his recent receipt of a final dividend amounting to $13.84 million from his Shoprite stake, underscoring his significant role in the company’s success.
Shoprite’s fiscal year 2023 was remarkable, reporting a 2.8% increase in profit, reaching $308.55 million, despite challenging operating conditions and rising energy costs. The company achieved robust revenue growth, with a 17.1% increase, surging to $11.48 billion in 2023.
In recognition of its resilience, Shoprite’s board of directors announced a final dividend of $0.217 per share, marking a 10.5% growth in full-year dividend per share, demonstrating the company’s commitment to delivering value to its shareholders and stakeholders.
Christoffel Wiese, who initially built his Pepkor retail empire by offering affordable prices in South Africa and expanded into other African nations, regained his substantial wealth in 2022 after resolving his dispute with Steinhoff. His most valuable asset remains Shoprite, and he also holds stakes in various other entities, making him currently worth $1.1 billion.