Skip to main content

Ackerman family to reduce stake in Pick n Pay

| News

Pick n Pay says its largest shareholder — the Ackerman family, through Ackerman Investment Holdings — plans to sell down as much as 8.5% of its stake in the supermarket group.

According to the company, the sale will allow the family to repay third-party funding used to support Pick n Pay’s restructuring and recapitalisation efforts, including professional fees, related costs, and more than a year’s worth of interest on that funding.

The Ackermans played a major role in Pick n Pay’s turnaround drive last year, contributing R1.1 billion in equity as part of a two-phase recapitalisation plan. The retailer ultimately secured R4 billion through a significantly oversubscribed rights offer, followed by the separate JSE listing of its Boxer division, which raised a further R8.5 billion.

As part of the latest transaction, the family intends to sell just over 64 million Pick n Pay ordinary shares. Based on the current share price of roughly R27, the stake is valued at around R1.7 billion.

Despite the planned sell-down, Pick n Pay said the family remains committed to the business, its CEO Sean Summers, and the ongoing turnaround strategy. “The Ackerman Family will continue to be an anchor shareholder and long-term investor,” the group said.

If the full 8.5% is sold, the family’s voting control — held through B-class shares — will fall from 49% to no less than 36.8%, while its economic interest will decline from 26.7% to at least 18.2%. The Ackermans have also agreed not to offload further shares for a 90-day period once the transaction is complete.

Pin It

Related Articles

South Africa’s Reserve Bank is preparing a sweeping redesign of the country’s cash ecosystem, signalling the most far-reaching changes in decades. The plan includes setting up a central cash-management entity, converting existing ATMs into white-lab…
SPAR Group is strengthening its commitment to sustainable conservation through its annual SPAR Rhino Firelighter initiative – a campaign aimed at protecting and rehabilitating South Africa’s endangered rhino population. Now in its third year, the in…
Everyday financial behaviour is changing across South Africa as traditional bank branches and ATMs continue to decline, and customers increasingly turn to retail stores to access financial services.
Source: BizCommunity South Africa's retail sector has spent more than a decade navigating relentless macroeconomic headwinds: low growth, high unemployment, elevated interest rates and inflation, and a stubborn electricity crisis.
By Ashwin Rajah, Founder of the Stress to Success System and Mindset Matters, and a Partner at Change Partners As South Africa counts down to the holidays, most industries are winding down for the year. But retail is doing the opposite. While other…