Africa’s largest asset manager raises stake in Clicks Group to $896.6 million

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At a Glance

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• PIC expanded its stake in Clicks Group to 20.135% with over $1o million investment, reinforcing confidence in the retailer’s healthcare and consumer market leadership.
• Clicks Group, led by Bertina Engelbrecht, operates 936 stores and 720 in-store pharmacies, making it South Africa’s leading health, wellness, and beauty retailer.
• The acquisition aligns with PIC’s strategy of investing in South Africa’s retail healthcare sector, ensuring regulatory compliance while strengthening its portfolio in the industry.

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The Public Investment Corporation (PIC), Africa’s largest asset manager, has deepened its investment in Clicks Group Limited, a leading retail and healthcare company led by Bertina Engelbrecht. This reinforces its commitment to the country’s consumer healthcare sector.

The financial giant acquired additional shares worth R 275.13 ($14.89 million), increasing its stake by 2.235 percentage points to 20.135 percent. This highlights PIC’s growing confidence in Clicks Group’s market leadership and growth potential.

PIC’s Clicks Group stake boost signals confidence

The acquisition, disclosed in a regulatory filing on Mar. 4, 2025, underscores the Africa’s largest asset manager’s strategic interest in South Africa’s healthcare retail sector.

Under its CEO, Bertina Engelbrecht, Clicks has solidified its position as a cornerstone of the nation’s health, wellness, and beauty retail landscape. With a network of 936 stores and 720 in-store pharmacies, the company is a dominant player in the sector.

Africa’s largest asset manager boosts Clicks stake above 20 percent

PIC’s latest share purchase raised its holdings in Clicks Group from 17.9 percent— valued at R16.29 billion ($877.42 million) as of December 31, 2024—to 20.135 percent, worth R16.58 billion (896.6 million). This 2.235 percentage -point increase solidifies PIC’s position as the largest shareholder in Clicks Group.

This strategic investment signals PIC’s focus on South Africa’s retail-driven healthcare sector, a key contributor to the nation’s economic stability. It also reflects the Asset manager’s alignment with Clicks Group’s consistent financial performance and long-term growth prospects.

Regulatory compliance and strategic growth

Following the acquisition, Clicks Group has formally filed regulatory notices with the Takeover Regulation Panel, ensuring compliance with Johannesburg Stock Exchange (JSE) listing requirements. The company’s board has acknowledged PIC’s investment, reinforcing governance standards and transparency in shareholding disclosures.

As the Public Investment Corporation (PIC)—founded in 1911 and corporatized in 2005—continues to manage government workers’ pensions and expand its portfolio, its increased investment in Clicks may signal further strategic moves in South Africa’s consumer and healthcare sectors.

Strong financials back Clicks’ dominance

Under Engelbrecht’s leadership, Clicks Group has flourished, leveraging its extensive network to become South Africa’s premier pharmacy, health, and beauty retailer. Engelbrecht herself holds 90,068 shares valued at R35.59 million ($2 million), reflecting her vested interest in the company’s success.

In the fiscal year 2024, Clicks Group reported R48.61 billion ($2.73 billion) in revenue and R20.82 billion ($1.17 billion) in total assets, affirming its robust financial standing. The flagship Clicks Pharmacy remains a significant growth driver, solidifying the company’s dominance in South Africa’s healthcare retail sector.