Shoprite founder and chair Christo Wiese is adamant there is no room for negotiation around the terms of a proposed share repurchase scheme that is set to net him R3.5bn.
Wiese’s comments come amid mounting opposition to the proposed 20-million Shoprite shares he will be granted in exchange for cancelling the 265-million deferred shares, which have no financial value but control 32.3% of the group’s votes. These deferred shares have given the retail mogul effective control of Africa’s largest grocer since 2000.
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