South African billionaire Christo Wiese has seen his fortune dip after a slide in Shoprite Holdings shares wiped about 43.7 million from the value of his stake. The decline underscores how South Africas retail market remains under pressure from stubborn inflation, higher borrowing costs, and weaker household spending.
Wiese holds a 10.67 percent share in Africas largest supermarket operator, or about 63.1 million shares. Over the past three weeks, the value of those shares slipped from R18.33 billion roughly 1.06 billion to R17.58 billion about 1.02 billion. That drop eats into gains he made earlier in the yearand reflects how quickly investor sentiment can sour.
Shoprites market cap slips below 10 billion