A grab-bag of goodies (and indeed baddies) from Shoprite this week. First up, the Big Red One has been fined a cool million for reckless lending, pertaining specifically to the cases of nine punters who, the High Court has determined, were clearly dicey credit prospects. Shoprite has also been ordered to provide debt counselling to similarly burdened customers. The nine in the meantime have settled their debt. Next, Oom Christo Wiese has flogged another 18.9 million of his shares for R2.5bn. That’s approximately 4,000 suitcases full of cash in a Business Class carry-on to London. Finally, Checkers reports that it is seeing an increase in demand for vegan and plant-based alternatives, with growing sales of the 90 vegan products in its wildly successful Simple Truth range and its exclusive Linda McCartney Foods line.
Comment: We can assume that if Shoprite are making a buck from it, it’s something of a big deal. That’s good news when it comes to plant-based dietary alternatives, essential as we make the necessary move towards a lower-carbon food economy.