Pick n Pay Stores Ltd., South Africas second-largest grocery chain, said the Ackerman family plans to sell 8.5 percent of its stake in the retailer. The family, which founded the company and holds its interest through Ackerman Investment Holdings, will offer up to 64,038,857 shares in a private placement. It will retain 135,354,720 shares after the sale.
The placement was priced at R25.50 1.48 per share, a 6.4 percent discount to the R27.25 1.58 closing level on Nov. 17, 2025. The transaction will raise about R1.6 billion 92.9 million and was executed via an accelerated bookbuild to institutional investors.
According to the company, the sale is intended to repay third-party funding the family secured to help support Pick n Pays restructuring and recapitalization, along with professional fees and other carrying costs linked to that support.