Christo Wiese raises R3.6bn in Shoprite share placement
Billionaire Christo Wiese, the businessman most stung by the near-collapse of Steinhoff, has raised about R3.6bn in a placement of shares in Shoprite, Africa’s biggest supermarket chain. Wiese has been selling assets to raise money since Steinhoff, the retailer in which he was the largest investor, announced accounting irregularities in December. The 76-year-old personally sold about R4.2bn worth of shares in Shoprite Holdings over three separate deals in the wake of the scandal, with the latest sell-off being conducted by Titan Premier Investments, one of his investment vehicles. Under the terms of the deal, Cape Town-based Shoprite sold 17-million shares at R210 apiece, representing 2.9% of its issued stock, to institutional investors on behalf of Titan, according to an e-mailed statement on Wednesday. Shoprite shares declined 0.9% to R224.89 on the JSE on Tuesday. Steinhoff stock has crashed more than 97% since reporting the financial wrongdoing on December 5, causing a slump in ...
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