Shoprite founder and chair Christo Wiese is adamant there is no room for negotiation around the terms of a proposed share repurchase scheme that is set to net him R3.5bn.
Wiese’s comments come amid mounting opposition to the proposed 20-million Shoprite shares he will be granted in exchange for cancelling the 265-million deferred shares, which have no financial value but control 32.3% of the group’s votes. These deferred shares have given the retail mogul effective control of Africa’s largest grocer since 2000.
Christo Wiese speaks to Business Day TV about the Shoprite share matter.
