Wiese to loosen grip on voting rights at Shoprite
Billionaire Christo Wiese is loosening his grip on Shoprite, the company he helped turn into the biggest food retailer in Africa after taking control of it almost four decades ago.
On Tuesday Shoprite said it is in discussions with 77-year-old Wiese to unwind a holding structure that gives him a third of the voting rights, even though he holds only 16% of the ordinary shares.
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Shoprite's CEO Pieter Engelbrecht discussed the company’s interim results with Business Day TV