The Ackerman family has sold a significant portion of its Pick n Pay stake, raising R1.6 billion in a move aimed at settling debt linked to the retailer’s restructuring.
The sale marks one of the most notable shifts in the ownership landscape of the South African retail giant in recent years.
According to disclosures, the family placed 64 million Pick n Pay shares into the market through an accelerated book-build, pricing them at R25.50 per share.
The transaction represents roughly 8.5% of the company’s ordinary shares, reducing the family’s overall voting power from just under half to around 36.8%.
The proceeds will be used to repay financing arranged during Pick n Pay’s major recapitalisation effort last year.
That funding supported the retailer’s turnaround programme, which included cost restructuring, supply-chain improvements, and bolstering liquidity.
The family also confirmed that part of the raised capital would cover professional fees and more than a year’s worth of servicing the financing obligations.
Despite the sizeable sale, the Ackermans will remain a key shareholder with an estimated 135 million ordinary shares still under their control.
However, the move underscores the shifting dynamics at one of South Africa’s most storied retail groups, long associated with the family’s leadership and influence.
A 90-day lock-up agreement has been put in place, preventing further share disposals over the next three months.
Market analysts say the sale reflects the financial pressures surrounding Pick n Pay’s turnaround, but it also signals confidence that new leadership and strategy could stabilise the business.
The retailer has been battling weak profitability, rising operating costs, and fierce competition in the grocery sector.
The recapitalisation, alongside changes in senior management, is expected to steer the company back toward a more sustainable growth path.
With this latest development, investors will be watching closely to see whether the capital boost and reduced leverage will help strengthen Pick n Pay’s performance heading into the new financial year.
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