Ackerman family gains 15 million as Pick n Pay shares rebound 9 on the JSE over the past month.
Investor confidence grows amid Pick n Pays cost-cutting and turnaround strategy, boosting its market cap above 1.1 billion.
Despite a 13.62 year-to-date decline, the Ackermans holdings recovered to 185 million, erasing earlier paper losses.
South Africas Ackerman family is seeing a welcome recovery in their fortune after a recent surge in Pick n Pays share price on the Johannesburg Stock Exchange JSE. In just the past month, the value of their stake in the supermarket chain has jumped by more than 15 million, pushing the market value of their holdings back above 185 million.
Their 16.71-percent stake in Pick n Pay, amounting to 124.68 million shares, has gained R273.04 million 14.28 million in value over the last 31 days. This rebound comes amid renewed investor interest, driven by confidence in the companys efforts to turn things around and a more optimistic outlook for South Africas retail sector.
Shares climb nearly 9, market value tops 1.1 billionPick n Pay, founded in 1967, remains one of Africas biggest names in retail, with over 2,000 stores spread across eight countries. Its still South Africas second-largest grocery chain, behind Shopritewhich counts billionaire Christo Wiese among its key shareholders.
The companys shares have risen nearly 9 percent in the past month, moving from R24.33 1.36 on June 13 to R26.52 1.48 as of July 13. That uptick has pushed Pick n Pays market capitalization to just over 1.1 billion and reflects a broader shift in sentiment across the JSEs consumer goods sector.
For the Ackerman family, this rally has translated into a tangible boost. The value of their holdings has grown from R3.03 billion 169.78 million to R3.31 billion 185.06 million, a gain of R273.04 million 15.28 million, reaffirming their status as one of the wealthiest investor families in the country.