South African Family Gains US$20 Million In 15 Days
South African retail tycoon Ackerman family has gained US$20 million in 15 days from Pick ‘n Pay which operates more than 2 000 stores across eight African countries.
Investors and market participants on the Johannesburg Stock Exchange renewed buying interest in Pick ‘n Pay following the release of its half-year financial statement.
Pick ‘n Pay is a Cape Town-based retail and South Africa’s second-largest retailer founded by Raymond Ackerman in 1967.
The Ackerman family also includes Gareth Ackerman, the group’s chairman. Jointly, the family owns a beneficial 25.53-per cent stake in the leading retailer.
The market value of the family’s stake in Pick ‘n Pay has increased by R365.3 million ($20.1 million) since October 21, a day after the group published its first-half results for the 2023 fiscal year.
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According to data tracked by Billionaires.Africa, shares in the leading retailer have risen by more than five per cent in the past 15 days, increasing the family’s stake from R6.92 billion ($380.97 million) to R7.29 billion ($401.07 million).
The company’s strong profit growth reflects the normalisation of its operating environment following the July 2021 civil unrest and COVID-19 liquor trading restrictions that had a negative impact on base year sales last year.
