TITAN GROUP
JSE queries Christo Wiese’s Shoprite share deal
The JSE is engaging the sponsors of Christo Wiese’s Titan Group to establish the facts behind the reported placement of 17-million Shoprite shares with institutional investors, JSE GM Andre Visser said on Wednesday. The transaction is thought to have been triggered by Shoprite’s closed period, which begins next Monday and extends to mid-August when Shoprite’s year-end results are released. Retail analyst Syd Vianello said that in terms of JSE regulations, directors are not allowed to trade shares during closed periods. "If Wiese believes he needs money over the next few months then this transaction had to be done before close of trade on Friday," Vianello said. According to a Bloomberg news report, the shares, which were used as collateral for a loan to Wiese, were placed with the institutional investors at R210 a share. Complex transaction A spokesperson for Titan told Business Day that Wiese was not available on Wednesday to shed light on the complex transaction or reveal the size...
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