SA government now owns more than 20 percent of Woolworths

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SA government is now Woolworths’ biggest shareholder

The South African government’s state-owned Public Investment Corporation (PIC), now owns more than 20 percent of Woolworths.

As reported by BusinessTech, Woolworths announced today, Friday, 14 March that the Public Investment Corporation had given formal notice that it had procured, in aggregate, 20.248 percent of the group’s ordinary shares.

This total, up from the 15.1 percent recorded in the Woolworths group’s full-year results for 2024, has officially made it the company’s largest shareholder, overtaking the previous majority shareholder, Allan Gray’s 17.7 percent stake.

The PIC was able to acquire these extra shares just as Woolworths’ share price hit its lowest point since 2022.

Woolworths’ share price lost almost 13 percent of its value over the last year as the retail group continues to face challenges with its businesses in Australia, BusinessTech revealed.

Food shelves run dry in Woolies stores

A low share price wasn’t the only challenge Woolworths experienced recently. The popular retailer encountered a meat and fresh produce shortage in stores recently, with dry shelves leaving customers very frustrated.

According to Woolworths, the red meat and vegetable shortage was a direct result of heavy rains and supplier issues in some of Sout Africa’s provinces.

Heavy rainfall in KwaZulu-Natal and Gauteng had affected the supply of fresh produce, including items such as lettuce, spinach, and cauliflower. A meat supplier also reported shortages.

According to FoodForMzansi, recent flooding in parts of the country has destroyed crops and livestock and damaged farming infrastructure.