Jean Pierre Verster on Christo Wiese’s unpopularity among Shoprite shareholders 

Hedge fund guru Jean Pierre Verster has an in-depth look at food retail giant, Shoprite, after South Africa’s largest grocer announced a bumper quarterly update and interesting annual general meeting results. The food retailer, which has brands such as Checkers and uSave under its umbrella, increased sales by close to 10%, without adjusting for the impact of the July riots. All of South Africa’s other large food retailers – Woolies, Spar and Pick n Pay – announced rather sluggish updates, suggesting Shoprite is taking market share from competitors. South Africa business tycoon Dr Christo Wiese, a major shareholder and director of the board of Shoprite, retained his seat on the board by a mere 0.1%. Verster explains that shareholders have become fed up at the related party transactions between Shoprite and Dr Wiese, which tends to benefit Wiese at the expense of minority shareholders. When asked which way Verster voted at Shoprite’s AGM on this specific resolution, he said his hedge fund no longer holds any Shoprite shares.