Edward Kieswetter resigns from Shoprite board
Director takes up Sars post
Africa’s largest grocer Shoprite said on Monday that its lead independent director Edward Kieswetter had resigned as a result of his appointment as the commissioner of the SA Revenue Services (Sars). The resignation, which required an exemption from the takeover regulation panel leaves Shoprite without a lead independent director at a time when shareholders are considering a controversial proposal relating to the possible purchase of Shoprite deferred shares owned by chairman Christo Wiese. Kieswetter, whose appointment to the top job at Sars was announced six weeks ago, joined the revenue service on May 1. The regulations controlling takeovers prohibit directors from resigning from a board from the date an offer is made until it is declared unconditional, lapses or is withdrawn. On April 18 Shoprite announced it was considering repurchasing Wiese’s 265-million Shoprite deferred shares in exchange for 20-million Shoprite ordinary shares valued at about R3.5bn. The deferred shar...
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