Titan Fincap Settles 63.1 Million Loan With Shoprite Shares Acquisition

Titan Fincap Solutions Limited, associated with South African billionaire Christo Wiese, has completed the acquisition of 3.83 million shares in Shoprite Holdings, South Africas largest retailer, for R1.1 billion 63.1 million. The acquisition was disclosed in a regulatory filing on the Johannesburg Stock Exchange JSE .

The purchase, finalized on Oct. 7, 2024, concludes a scrip loan agreement that allowed Titan Fincap to borrow 3,831,164 ordinary shares of Shoprite on Oct. 12, 2023. The on-market acquisition was executed at R290 16.64 per share, precisely matching the borrowed quantity, thereby settling the loan.

In addition to the loan settlement, Titan Fincap completed a total return swap on Oct. 7, 2024. The off-market derivative, tied to Shoprite 's share price, involved a notional value of R1.11 billion 63.7 million at a reference price of R290 16.64 per share. The swap was terminated and cash-settled the following day, Oct. 8, 2024.

The transactions do not affect the voting rights of Shoprites ordinary or deferred shares held by another Wiese-linked entity, Thibault Square Financial Services. Through this entity, Wiese holds 305,621,601 non-convertible, non-participating deferred shares, underscoring his enduring influence within the retail giant.

Known for steering Shoprite to become Africas largest retail conglomerate, South African billionaire, Christo Wiese remains actively involved in the groups strategic direction. Shoprite operates over 3,500 stores across Africa and employs more than 150,000 people.