Tue, 25 Feb 2020

Coronation nearly doubles holding in Shoprite

24 Jan 2020, 16:14 GMT+10

Asset manager Coronation has nearly doubled its holding in Shoprite Holdings, Shoprite said on Thursday.

In a notice to shareholders on the JSE Stock Exchange News Service on Thursday, Shoprite said Coronation had, on behalf of its clients, acquired ordinary shares in the company, taking the total beneficial interest of Shoprite ordinary shares held by Coronation to 10.10%.

In March 2019, Coronation increased its interest to just over 5%, which at the time made it the largest institutional shareholder besides the Public Investment Corporation.

On Wednesday, Shoprite issued an operational update for the 6 months ended December 29, 2019, reflecting overall sales growth of 7%, despite a decline in the rest of Africa.

During the period, the group added 66 stores to its supermarket business, bringing its total number of stores to over 1 900 and its franchise division to 470.

Total sales were driven by growth in its SA supermarkets, Shoprite said, which were up 9.8% for the period, as well as strong liquor sales which grew 20.5%.

The group's interim results for the half-year period ending on December 29, 2019, will be released on February 25, 2020.

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