The disposal will also trigger the cancellation of 105.18 million “B” shares that had been paired with the placement stock to carry additional voting rights. Once the transaction settles on or about 21 November 2025 on the Johannesburg Stock Exchange (JSE), these “B” shares will lose their voting power and be removed from the share register.
Despite the reduction, the Ackermans will retain 135.35 million ordinary shares in Pick n Pay. In a statement released after the bookbuild closed, the family said it remains “fully committed to Pick n Pay, chief executive Sean Summers and his leadership team, as well as to the company’s turnaround plan and growth strategy.”
Placement Structure
The accelerated bookbuild was offered exclusively to qualifying investors under South African and international securities regulations. Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, and Morgan Stanley acted as joint global coordinators, with RMB also serving as sponsor. Rothschild & Co and Morado Partners advised the selling shareholder, while legal counsel was provided by DLA Piper Advisory Services and DLA Piper UK. Bowmans and Milbank represented the joint coordinators.
The Ackerman family has agreed to a 90-day lock-up period for its remaining shares, subject to customary exceptions.
Implications for Corporate Governance
Because voting control has dropped below 50 percent, Pick n Pay will move from family control to a structure in which no single shareholder holds a majority of votes. Nevertheless, the Ackermans’ 36.8 percent stake maintains a significant influence over strategic decisions, director appointments and long-term planning.
Analysts note that the transaction may broaden the retailer’s institutional shareholder base and increase free-float liquidity on the JSE. For background on how free-float adjustments can affect index composition in South Africa, see guidance provided by the Johannesburg Stock Exchange.
Company Background
Pick n Pay operates supermarkets, liquor stores and convenience outlets across South Africa and several other African markets. The group has been implementing a turnaround plan aimed at enhancing operating efficiency, modernising stores and expanding its value-focused Boxer chain. Sean Summers, who returned to the helm in 2023 after previously leading the company, has overseen cost-cutting initiatives, supply-chain upgrades and a review of underperforming assets.
The retailer reported increased competitive pressure and weaker consumer spending during its most recent trading update but reiterated its commitment to restoring margin growth. Capital raised from the family’s placement accrues directly to the seller rather than to the company, although management expects a more diversified shareholder base to facilitate future fund-raising options.
Next Steps
Settlement of the placement is expected on or about 21 November 2025, subject to customary closing conditions on the JSE. Upon settlement, the cancellation of the “B” shares will proceed, and the revised shareholding structure will be reflected in Pick n Pay’s public disclosures. The retailer said it will make further announcements if any additional regulatory or shareholder approvals are required.
The Ackerman family founded Pick n Pay in 1967 and has guided the business through decades of expansion. While the latest move ends formal majority control, the family emphasized its ongoing involvement and support for management’s operational and strategic priorities.
Crédito da imagem: Sunshine Seeds / Shutterstock.com
