SHOPRITE Holdings is issuing R8.9 billion worth of shares, or 40 million shares, in its subsidiary, Shoprite Checkers, to its staff through a new black economic empowerment (BEE) trust as it seeks to “retain, motivate and incentivise the employees” to its success going forward.
This increases its black ownership by 19.2 percent. In a statement yesterday, the retailer said the shares recognised its employees’ valued contribution and ensure their ongoing participation in the Shoprite Group’s continued growth and success.
Shoprite is currently valued at R129bn. In its 2021 annual report it said it had gained R4.5bn in market share across all its brands in South Africa, which includes Shoprite, Checkers, uSave, Checkers Hyper and LiquorShop, among others.
The Shoprite Employee Trust was established on a non-vesting, evergreen…