New era at Shoprite as Wiese and Steinhoff take outright control
Unexpected nudge prompts shareholders to back the repurchase of Whitey Basson's shares
Steinhoff and Christo Wiese are to emerge as the outright controlling shareholders of Shoprite after Shoprite shareholders’ backed the repurchase of 8.7-million shares from former CEO Whitey Basson.
The unexpected nudge beyond the critical 50% control mark was revealed in Steinhoff Africa’s (Star’s) prelisting circular. The circular was released to the market late on Monday, not long before Tuesday morning’s extraordinary meeting of Shoprite shareholders.
About 60% of the Shoprite shareholders entitled to vote participated in the meeting and 88% of them voted in favour of the R1.7bn share repurchase.
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