Christo Wiese to receive more than R340m after record Shoprite dividends

Shoprite has recorded a record dividend after a good run of results last year that will see South Africa’s largest retailer pay a dividend of 544c per share equal to R3.2 billion representing an increase of 42% from 2020, reports Business Day.

The excellent results will see one of the retailer’s largest shareholders and former board chairperson, Christo Wiese, pocket around R342 million before tax. Wiese lost much of his wealth in 2017 when retailer Steinhoff’s share priced collapsed.

Wiese will vote on Thursday to accept a settlement from Steinhoff, which won’t be nearly close to the amount he lost during the massive crash in the wake of the Markus Jooste scandal.

Shoprite’s strong performance is attributed to good sales growth and an increased operating margin as well as debt reduction after the retailer settled around $365m in debt that came from its expansion into the rest of Africa.

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