Till just lately he was SA’s richest man – then got here Steinhoff. Although he has misplaced an unlimited fortune, Christo Wiese remains to be a retail big – not least via his stake in Shoprite
30 July 2020 – 05:00
For a person turning 80 in September subsequent yr, Christo Wiese nonetheless has some pep in his step. However he has hardly any left in his portfolio. From his being SA’s wealthiest man solely 4 years in the past, the FM estimates that the worth of his investments in JSE-listed firms has fallen by 93% — a scarcely conceivable R125bn having gone up in smoke.
His stake in funding agency Brait, which owns Virgin Lively, has fallen from R23.2bn to simply over R1bn, as the corporate’s share worth plunged 97%; the worth of his shares in industrial agency Invicta has fallen greater than 80% to R397m; and his holding in property firm Tradehold is now almost a 3rd of the R2.93bn it was in 2016.