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The Ackerman family, which founded South Africa's Pick n Pay, will relinquish control of the struggling retailer as part of a revamp aimed at stemming losses, cutting debt and regaining market share. ...
Ackerman Investment Holdings (AIH), the controlling shareholder of Pick n Pay, had provided a firm written confirmation to vote in favour of and to follow their pro rata rights under the anticipated Pick n Pay Rights Offer...
Ackerman voting control to fall slightly below 50%, family relinquishes right to nominate chair, CEO and CFO
CNBC Africa's Fifi Peters is joined by Sean Summers, CEO, Pick n Pay to unpack the numbers.
The Ackerman family will no longer have the majority of shareholding control at Pick n Pay, paving the way for renewal at board level.