Pick n Pay Sells More of Boxer as Family Era Fades

SOUTH AFRICA · BUSINESS

Key Facts

—The sale: Pick n Pay placed 11.5 percent of Boxer with investors in May, about 57.3 million shares at R82 each, raising roughly R4.7 billion ($290 million).

—The stake: the grocer’s holding in its discount chain fell from more than 65 percent to about 53 percent, seven months after listing Boxer in late 2024.

—The engine: Boxer grew turnover more than 12 percent in the year to March and added 51 net stores to reach 576; Pick n Pay’s own supermarkets slipped 1.6 percent.