SPAR’s second biggest institutional shareholder has reduced its stake in the retailer, selling over R100 million worth of shares.
The SPAR Group announced the transaction in a Stock Exchange News Service (SENS) notice on Thursday, 27 August 2026, after receiving notification from Coronation Asset Management on behalf of its clients.
“In accordance with section 122(3)(b) of the Companies Act, No 71 of 2008, as amended, and paragraph 6.54 of the JSE Limited Listings Requirements, SPAR shareholders are hereby advised that the Company has received notification, in the prescribed form, from Coronation Asset Management (Pty) Ltd, on behalf of its clients,” SPAR said.
The notification relates to the disposal of a beneficial interest in ordinary shares in the retailer.
Following the sale, Coronation’s holding in SPAR fell to 9.53% of the company’s total issued ordinary share capital, from 10.89% previously.
Based on SPAR’s approximately 192.6 million issued ordinary shares, the 1.36 percentage-point reduction represents roughly 2.62 million shares.
The SENS announcement does not disclose the exact prices at which the shares were sold. However, based on SPAR’s share price around the time of the announcement, the transaction can be estimated at between R104 million and R105 million.
SPAR’s shares were trading between R39.70 and R39.95 on 27 August. Applying those prices to approximately 2.62 million shares gives an estimated value of about R104 million to R105.3 million.
The actual value of the transaction could therefore differ slightly depending on the prices achieved for the individual trades.
Importantly, Coronation has not exited its investment in SPAR. Despite the disposal, it remains one of the retailer’s largest shareholders, with a stake of almost 10%.
The Public Investment Corporation (PIC), which manages assets on behalf of the Government Employees Pension Fund (GEPF), remains SPAR’s largest major institutional shareholder, with a stake of about 18.6%.
Coronation follows with 9.53%, while Allan Gray holds about 8.5%. M&G Investments is also a significant institutional investor.
The reduction is therefore a relatively small change to Coronation’s overall position, rather than a complete withdrawal from the retailer.
SPAR said it had filed the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required under the Companies Act.
Coronation Asset Management is part of Coronation Fund Managers, one of South Africa’s largest independent asset managers.
The company manages investments on behalf of both retail and institutional clients and has historically been a significant shareholder in several large companies listed on the Johannesburg Stock Exchange.
However, the SENS announcement does not provide a reason for the disposal, meaning it cannot be assumed that the transaction reflects a negative view of SPAR’s future prospects.
The company’s remaining 9.53% stake also means Coronation continues to have a substantial economic interest in the retailer.
SPAR’s disclosure was made in accordance with regulatory requirements for changes in significant shareholdings.
“The Company has filed the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3) and 122(3A) of the Companies Act,” SPAR said.
The disposal consequently leaves Coronation with roughly 18.36 million SPAR shares, based on the company’s approximately 192.6 million issued shares.
While the sale represents more than R100 million in shares at prevailing market prices, Coronation remains a major investor in SPAR and continues to hold one of the largest institutional positions in the retailer.
