Ann Crotty Writer-at-large

Shoprite founder and chair Christo Wiese is adamant there is no room for negotiation around the terms of a proposed share repurchase scheme that is set to net him R3.5bn. Wiese’s comments come amid mounting opposition to the proposed 20-million Shoprite shares he will be granted in exchange for cancelling the 265-million deferred shares, which have no financial value but control 32.3% of the group’s votes. These deferred shares have given the retail mogul effective control of Africa’s largest grocer since 2000. If you are already a subscriber, please click on the following link  to go to the full article:  Christo Wiese not budging on Shoprite share scheme  If you would like to subscribe to BusinessLIVE to read the full story, please click here.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now