PICs 31 million purchase lifts its Pepkor stake to 15.46, reinforcing confidence in the Christo Wiese-backed retail giant.
The move follows Ibexs 1.6 billion selloff, marking a full exit from Pepkor and closing a scandal-stained chapter for Steinhoff.
Pepkors H1 2025 net profit rose 23.4 to 172.66 million, supported by fintech growth, retail expansion, and cost discipline.
Africas largest asset manager, the Public Investment Corporation PIC, has deepened its stake in Pepkor Holdings Ltd.the South African billionaire Christo Wiese-backed retail giantwith over 30 million share purchase, lifting its total investment above 870 million. The acquisition boosts PICs stake from 14.9 percent to nearly 15.5 percent, reinforcing its role as a leading institutional backer of the retail giant.
Dissclosed on July 24 , the latest purchase raises PICs holding by 0.55 percentage points to 15.46 percent and comes on the heels of a major exit by Ibex Investment Holdingsformerly Steinhoff Internationalwhich cut its beneficial interest in Pepkor from 28.48 percent to just 0.19 percent in a R28-billion 1.6 billion accelerated bookbuild.
Beyond opportunismPICs latest share purchase of 0.55 percent worth R548.35 million 31.11 million isnt just opportunisticit extends a consistent accumulation strategy which has progressively increased its holdings to R15.41 billion 874.34 million.
Earlier this year, on January 10 , PIC disclosed raising its stake to 15.151 percent. That came months after a June 24 move that lifted its interest to 10.295 percent , underscoring a long-standing confidence in Pepkors retail resilience and balance-sheet strength.
Pepkorowner of discount chains Pep and Ackermansoperates nearly 6,000 stores across Africa, with a footprint extending into Australia and Eastern Europe. The companys roots with Steinhoff date to 2014, when Christo Wiese sold Pepkor to the now-disgraced conglomerate in return for a 20 percent stake, making him its largest shareholder.