There is little question One of South Africa’s top businessmen is Christo Wiese. You must take significant risks in order to create a $5.8 billion empire. Sometimes things don’t work out as expected, as we’ve seen with Steinhoff, Brait, and Invicta. Such is business as well as life.
Becoming A Billionaire
His standing in the business community increased as he acquired Pepkor Stores. The business mogul has over 50 years of industry expertise and has established a sizable corporate empire.
The Shoprite Group corporation owns well-known brands including Checkers, OK Furniture, Medirite, and Computicket in addition to the Shoprite brand.
Fall From Grace
The business magnate was formerly South Africa’s wealthiest man but damaged his billionaire title in 2017. In the midst of an enormous controversy that caused the Steinhoff stock value to fall precipitously during the previous week, Wiese’s wealth decreased to $742 million.
Wiese, Steinhoff’s largest stakeholder, and owner of 23% of the firm, was compelled to take over as executive chairman when Markus Jooste resigned due to a German accounting controversy.
However, amassing total assets worth $5.7 billion, he was listed as the third wealthiest man in South Africa once again.
Return To Riches
The businessman has regained his position as a billionaire (in dollar terms). Wiese’s investment in Shoprite, the food retail company he founded and which has emerged as the nation’s outstanding performance in the retail sector, has been a major factor in the growth of his fortune.
The value of Wiese’s 10.67% ownership interest in Shoprite, which makes it the second-largest stakeholder behind the Public Investment Corporation, is $910 million.
Steinhoff was sued by Wiese for around $340 million, and more than four years later, the store ultimately reached a settlement with shareholders. Regulators and Steinhoff claimants have approved the $141 million worldwide settlement proposal.
Investment firms Brait and Invicta are included among Wiese’s other disclosed interests. Brait, the private equity company was launched before to the global financial crisis and went on to become the JSE’s favorite stock in the following years.
Even with Wiese’s estimated 27% ownership interest in Brait, which is worth around $850,000, it is difficult to estimate his financial stake in the company. His private investment company Titan recently contributed to a $1700000 convertible bond that has the potential to be converted to stock in the future, increasing his ownership stake.
Wiese might have reached this milestone ($1 billion) much earlier in the Shoprite boom, but it is difficult to assess the value due to the absence of transparency on his private interests.
These figures were determined based on the number of shares he owned in the aforementioned businesses. Depending on the various financial instruments, such bonds, that his private investment arm Titan owns, such as bonds, his economic interests in the companies may fluctuate somewhat.