Besides ordinary shares, Shoprite’s capital structure includes deferred shares which carry about 32.3 percent of the voting rights at Shoprite.
JOHANNESBURG – Grocer Shoprite is to buy back deferred shares held by its chairman Christo Wiese to simplify its voting structure but substantially curbing Wiese’s influence in the company he helped turn into an African powerhouse.
Under the deal, Titan - another one of Wiese’s entities - will receive 20 million new ordinary shares from Shoprite, in exchange for deferred shares which Shoprite will buy for R265,000 and cancel, the retailer said in a statement. Following the issuance of the new shares, the total voting interest of minority shareholders will increase from nearly 60% to more than 80%, while their shareholding will be diluted by 3.5%, it added.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff seeks claimants to reveal identities to negotiate settlementsFormer chairman and top shareholder Christo Wiese had said last month he is open to negotiations over a $4 billion claim against the company, days after it revealed the scale of a devastating accounting fraud.
Read more »
Will political party billboards influence your vote?Big parties are forking out big money for advertising, hoping to impress the electorate.
Read more »
Will political party billboards influence your vote?Big parties are forking out big money for advertising, hoping to impress the electorate.
Read more »
Beware, an ANC vote is a vote for everything bad the ANC bringsOne can delude oneself as much as one wishes, but a 'Ramaphosa' vote is equally a 'Zuma' vote.
Read more »
To vote or not to vote: Elections spark conversation on social media as #ActivateYouthVote2019 trendsSA youth took to Twitter to have a heated conversation about the importance of voting come May 8.
Read more »
Driving under the influence of hot cross buns?A video of police officers getting a positive reading from a breathalyser test after eating a hot cross bun has gone viral.
Read more »
Driving under the influence of hot cross buns?A video of police officers getting a positive reading from a breathalyser test after eating a hot cross bun has gone viral.
Read more »
Magashule also influenced media houses - #GangsterState author | IOL NewsGangsterState author and journalist Pieter-Louis Myburgh, who implicated ANC secretary-general Ace Magashule in alleged systematic state corruption in the Free State, has accused him of influencing media coverage while he was premier. Mary_JaneSA
Read more »
We tested hot cross buns from Woolworths, Pick n Pay, Spar, Shoprite, Checkers and Food Lover’s – and the winner was clearWe tested hot cross buns from Woolworths, Pick n Pay, Spar, Shoprite, Checkers and Food Lover’s – and the winner was clear | BISouthAfrica
Read more »
Blackouts could slash 125k jobs, cut growth to zero: Reserve BankSA's power cuts could bring economic growth for the year close to zero if they continue at the same severity seen in March, the Reserve Bank said.
Read more »