Retailer Pick n Pay has drawn in R4.7 billion through the sale of Boxer shares to help fund its turnaround strategy.
The group announced late on Monday (18 May) that it would launch a bookbuild offering of Boxer shares for R4.7 billion.
On Tuesday (19 May), the group confirmed the sale of around 57.3 million Boxer ordinary shares, representing approximately 12.5% of the total issued ordinary shares of Boxer.
Following the Placement, Pick n Pay will continue to hold approximately 53.1% of Boxer’s total issued ordinary shares, having reduced this from over 65% before.
Pick n Pay said the proceeds of the sale would go into its turnaround.
The retailer has spent the last two years rebuilding its core Pick n Pay brand following years of decline in the sector, losing out to competitors and dropping its failed retail strategy.
The business hit a nadir in 2024 when it was found to be technically insolvent, forcing the group to change tack.
The group put its bets on the return of former chief executive Sean Summers, a changing of chairmanship from the Ackerman family, and a concerted effort to rightsize the business through shedding non-performing stores.
According to Pick n Pay, the group has made significant progress on multiple aspects of this turnaround plan, and the proceeds from the Boxer share sale will boost this.
“The product offering has been meaningfully enhanced, execution of in-store retail principles has been improved, and the quality of the store estate has been upgraded,” it said.
“A new logistics agreement is set to deliver efficiencies over the coming years.”
In combination, these factors have driven improved like-for-like sales growth in Pick n Pay company-owned supermarkets, together with improved gross margin.
These are set to deliver further benefits going forward, it said.
“Building on this progress, the Group remains focused on further strengthening the performance of the Pick n Pay segment’s cashflow generation and returning it to profitability.”
The group said it intends to deploy the net proceeds from the Boxer sale to support the ongoing implementation of this plan and growth strategy, while ensuring maximum financial flexibility in the medium term.
“This will enable the Group to continue executing on its strategic priorities, investing ahead of the plan, with a clear pathway to returning the core Pick n Pay Stores segment to cashflow break-even,” it said.
The group stressed that Boxer remains a vital part of the business, and it intends to retain a controlling stake in the discount retailer.
Boxer worth more than Pick n Pay
An interesting dynamic between Boxer and its parent, Pick n Pay, is that the former has a far higher value than the latter.
Boxer has quickly become one of the most valuable retailers in South Africa with a market cap of R40.5 billion, which is far above Pick n Pay’s R16.6 billion.
Incidentally, much of Pick n Pay’s own value is tied to Boxer.
The group is also worth more than several other major convenience retailers in South Africa, based on market cap, including SPAR (R12 billion), TFG (R19 billion), and Dis-Chem (R31.6 billion), and is sitting close to Woolworths (R41.6 billion).
Shoprite remains the most valuable retailer in the country with a market cap of R172.8 billion, with Pepkor at R81.5 billion.
As a standalone retailer, Boxer is also massively expanding its store base across South Africa, with the group looking to expand its discount offerings.
In its recent financial results for the year ended 1 March, grocery retailer Boxer said that it added 51 net new stores in 2026, bringing its nationwide store count to 576.
The group added 18 new superstores, 31 liquor stores, and 2 new build stores. Liquor stores as a percentage of Superstores rose from 55% to 61%.
According to its financial results, Boxer’s new stores contributed 7.8% total turnover growth, excluding like-for-like sales.
Socialist shack dwellers’ movement Abahlali baseMjondolo has strongly condemned the South African Communist Party (SACP) and the Congress of South African Trade Unions (Cosatu) for “repeatedly and unlawfully” including the movement’s name and logo on the programme for the upcoming ‘Conference of the Left’.
The movement asserts that it has no affiliation with the conference and was never consulted during its planning.
The controversy escalated when Cosatu included Abahlali baseMjondolo on the programme, circulated prior to their Special Central Executive Committee meeting on May 14.
Abahlali leadership boycotted the virtual meeting, citing a refusal to participate in the ‘Conference of the Left’.
This follows a previous incident where the movement noticed its name and logo on a promotional poster allegedly released by the SACP. At that time, Abahlali released a public statement clarifying that the poster was misleading and that it would not be participating.
Abahlali baseMjondolo viewed the inclusion of its name as a “blatant attempt” to co-opt and undermine its ongoing struggle.
It noted that at least five other organisations listed on the latest programme had also decided not to participate yet remain listed by the organisers.
In a statement, the movement said it refuses to be used to “validate events or initiatives that run contrary to its core interests, values, and political principles”.
As a democratic grassroots organisation, Abahlali policies and decisions are determined by its members through open public discussions, not by external forces, it stated.
The movement has called on allied organisations and comrades to reject this “opportunism”.
The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.
The South African Communist Party (SACP) has noted the communication issued by the Congress of South African Trade Unions (Cosatu) following its Special Central Executive Committee meeting held on 14 May 2026, including Cosatu’s reaffirmed interest in the Conference of the Left and its request for further engagement on the character, role and arrangements of the conference.
Cosatu has been part of the broader political process towards the Conference of the Left. While the initiative was originally advanced by the SACP, the conference is now being driven through a broader Steering Committee made up of social and political formations, including Cosatu and other progressive forces.
The Party welcomes Cosatu’s continued commitment to strengthening working-class unity, rebuilding progressive forces, and advancing a socialist-oriented programme against austerity, unemployment, inequality, poverty and the deepening crisis facing workers and communities.
The SACP will engage Cosatu this week to provide a full briefing on the work of the Steering Committee, the state of preparations, the political objectives of the conference, and the role of participating formations. This engagement will also allow the Party and Cosatu to clarify any outstanding organisational and political matters in a comradely manner.
The SACP remains firmly committed to ensuring that the Conference of the Left becomes a unifying platform for workers, communities, social movements, progressive organisations and left formations to develop a common programme of action.
The struggle for working-class unity and socialist transformation continues.
Pick n Pay says it intends to use the proceeds of the sale of Boxer shares to support its turnaround plan and strengthen its financial position. (Thapelo Morebudi)
Retailer sells about 57.3-million Boxer shares, about 12.5% of the business
Struggling retailer Pick n Pay has resorted to selling a portion of its stake in top-performing discounter Boxer to fund its multi-year turnaround plan.
Pick n Pay said on Tuesday it has successfully sold about 57.3-million Boxer shares, roughly 12.5% of the business, to investors through a fast-tracked private placement, raising R4.7bn.
The shares were sold at R82 each, slightly above the recent average price. After the sale, Pick n Pay holds a majority stake of about 53.1%.
The company said it intends to use the proceeds to support its turnaround plan and strengthen its financial position.
“Pick n Pay intends to deploy the net proceeds from the placement to support the ongoing implementation of its turnaround plan and growth strategy while ensuring maximum financial flexibility over the medium term,” it said.
“This will enable the group to continue executing on its strategic priorities, investing ahead of the plan, with a clear pathway to returning the core Pick n Pay Stores segment to cashflow break-even.”
Pick n Pay said Boxer remains central to its strategy, describing it as a “vital part of the group”.
“Pick n Pay is committed to retaining a controlling stake in Boxer and to participating in its impressive growth trajectory as it continues to be a key engine of value creation for the group and its investors,” the company said.
The share sale comes as part of a broader turnaround strategy aimed at stabilising the retailer after a period of declining performance in its core supermarket business.
Pick n Pay has cited progress in improving its product offering, store execution and store-estate quality. It said these changes have contributed to improved like-for-like sales growth in company-owned supermarkets and better gross margins.
“A new logistics agreement is set to deliver efficiencies over the coming years,” the company said, adding the improvements are expected to support future performance.
Over the past years, Pick n Pay has also taken steps to reduce losses and improve operational efficiency. These include closing or converting loss-making stores, investing in pricing competitiveness and improving in-store execution.
The retailer’s trading losses in its core business have been reduced, while like-for-like sales returned to growth. The company has also worked to restore its balance sheet through a recapitalisation process.
At the same time, Pick n Pay said it is continuing consultations with labour groups as part of efforts to improve store operating costs and efficiency.
“Pick n Pay is also engaged in ongoing consultations with our labour partners to improve store operating efficiencies and costs,” it said.
While this effort aims to improve costs, unions have rejected it, saying it is a plan to drive workers out.
GoTyme Bank is making a bold statement about the future of digital banking: the people building the company should also share in its upside.
The fast-growing digital lender, backed by South African billionaire Patrice Motsepe, has launched an employee ownership initiative that will allow more than 2,000 workers across its global operations to hold stakes in the business. The move is designed to deepen employee commitment, improve retention, and align staff more closely with the long-term ambitions of Tyme Group, GoTyme’s Singapore-based parent company.
Patrice Motsepe
For a digital bank still in a hyper-growth phase, the decision is both strategic and symbolic. It turns employees from workers into stakeholders.
Building an ownership culture
GoTyme Bank CEO Cheslyn Jacobs said the bank wants staff to “behave like owners.” That statement captures the thinking behind the initiative. In fast-scaling businesses, especially digital banks competing across multiple markets, execution depends heavily on speed, commitment, customer focus, and internal alignment.
GoTyme CEO, Cheslyn jacobs
By giving employees a financial stake, GoTyme is betting that staff will become more invested in the company’s performance. The bank expects the programme to strengthen employee dedication, reduce staff turnover, and create a stronger sense of shared purpose as it expands across Africa and Asia.
Employee ownership schemes are not new in banking, but GoTyme’s approach stands out because it is being extended broadly across the company, not reserved only for senior executives or early employees.
A bank growing beyond South Africa
GoTyme Bank is part of Tyme Group, a digital banking group with operations across South Africa and Southeast Asia, including the Philippines, Vietnam, and Indonesia. The group also has a presence linked to markets such as Hong Kong, Singapore, and other parts of Asia.
Its growth has been rapid. GoTyme serves millions of customers across its core markets and is reportedly adding hundreds of thousands of new customers every month. In South Africa, its earlier TymeBank model gained traction by using self-service kiosks inside Pick n Pay and Boxer stores, allowing customers to open accounts in minutes without visiting a traditional bank branch.
That model helped the bank reach many customers who had been underserved by traditional banking channels.
Strong investor backing
GoTyme’s growth story has attracted major investors. Tyme Group is majority backed by African Rainbow Capital, linked to Patrice Motsepe, which owns a significant stake in the business. Other investors include Tencent, British International Investment, M&G’s Catalyst Fund, the Gokongwei Group, and Nubank, the Latin American digital banking giant that invested $150 million in Tyme’s Series D funding round.
GoTyme was valued at about $1.5 billion in 2024 after that fundraising round. The company has also raised close to $600 million over time, giving it the capital base to scale across multiple emerging markets.
Preparing for a bigger future
The employee ownership plan also comes as GoTyme prepares for a possible public listing within the next three to four years. Management has indicated that any listing will depend on market conditions and valuation expectations.
Jacobs has suggested that the bank could eventually target a valuation of around $15 billion as it scales toward 50 million customers globally.
That ambition explains why employee ownership matters now. If GoTyme continues to grow, staff who helped build the business could share directly in the financial value created.
For Africa’s digital banking sector, the move is revealing. GoTyme is not only competing for customers; it is also competing for talent, loyalty, and execution capacity. By making employees shareholders, the bank is reinforcing a simple message: those building the next generation of digital banking should have a real stake in its success.
FNB eBucks and Pick n Pay partnership has delivered on its ambition to make banking as accessible and intuitive as everyday essentials, while turning routine spend into tangible value.
Since April last year, more than R600 million in rewards have been unlocked for customers, while banking access has been extended through 31 in-store kiosks and pop-up presence in 200+ stores every Friday.
This is providing meaningful, day-to-day support for South African households. The partnership reflects a broader shift in how South Africans are experiencing banking, as financial services and rewards increasingly become embedded into trusted retail environments to deliver real‑world value where people live, shop and manage their money.
As financial pressure on households continues to mount, FNB remains focused on meeting customers where they are financially through contextual rewards that make a difference. By integrating banking services into Pick n Pay’s physical stores and digital platforms, FNB is helping customers in places they already frequent for essential needs, enabling them to manage their money, access banking services and unlock savings seamlessly. This partnership improves access, reduces friction and delivers value in the moments that matter most to South African households.
“From the outset, this partnership was about reimagining how banking can support people in their day-to-day lives, especially at a time when many households need it most,” said Lytania Johnson, CEO of FNB. “By showing up in spaces customers already trust, we’re able to remove barriers and unlock practical value. Partnering with a like-minded organisation such as Pick n Pay allows us to translate daily spend into real rewards and savings, helping households stretch their budgets further while advancing financial inclusion in a way that is purposeful, human and scalable.”
The in-store banking Kiosks and pop-ups reaffirm how banking can seamlessly coexist within high-footfall retail environments. This proximity has driven meaningful behavioural change.
Pick n Pay stores have increasingly become an extension of FNB’s physical reach, not only as retail destinations, but as a trusted community touchpoint where access to financial services, value and support naturally intersect. The duo aims to scale this reach in the coming months.
Sean Summers, CEO of Pick n Pay, says, “Everything we do is focused on helping our customers get more value from their daily shop. This partnership with FNB and our various initiatives has been a game-changer for customer rewards, building on the strong base of Smart Shopper and boosting savings even further through eBucks. In a tough cost-of-living environment, that combination of rewards on daily essentials makes a real difference to household budgets.”
The partnership ecosystem has also enabled powerful collaborative efforts, further reinforcing value to customers through signature FNB eBucks initiatives and customer value propositions:
Qualifying FNB eBucks customers get up to 30% back in eBucks on their Pick n Pay asap! purchases and up to 20% in store.
Up to 30% back was extended to PnP Clothing purchases on asap! in March 2026.
Burger Friday has achieved 6.2 million burgers redeemed to date
The 99c Bread initiative has supported entry-level banking customers with R70 million issued in value.
PnP Vouchers to the value of over R45 million issued to our entry segment to support essential purchases of Clothing and Groceries
“The strength of this partnership lies in its ability to turn daily spend into real financial value,” said Pieter Woodhatch, CEO of eBucks. “As we continue to scale, our focus remains on deepening our impact, making eBucks rewards more relevant and more useful for customers to manage the cost of their daily living.”
“Moving forward, we aim to create an ecosystem that works harder for our customers,” Woodhatch added. “Through strong collaborations, eBucks continues to serve as a highly valuable currency with spend to earn ratio of more than 91% in a month, highlighting its relevance, accessibility and aspirational value, helping South Africans earn more from every rand spent.”
Together, FNB and Pick n Pay are shaping an inclusive, customer‑centric partnership model that embeds financial and retail services into their daily needs and expands access at scale.
Boxer worth more than Pick n Pay
