Africa’s largest grocery retailer Shoprite will, through its subsidiary Shoprite Checkers, issue 40 million shares valued at R8.9bn to its 126 000 South African employees, it announced on Wednesday. MoneywebNews
Africa’s largest grocery retailer, JSE-listed Shoprite Holdings will, through its subsidiary Shoprite Checkers Propriety Limited, issue 40 million shares valued at a total of R8.9 billion to its 126 000 South African employees, it announced on Wednesday. The news of the Shoprite Employee Trust comes a day after one of Shoprite’s biggest competitors Pick n Pay released its full-year results and revealed its strategic plan to re-establish its competitive dominance in the retail market.
South African employees will benefit directly from the trust while its 16 000 non-South African employees will benefit in the form of a cash bonus payment. “Shoprite Holdings believes it is imperative to recognise the valued role all employees play in the group’s success.
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