BlackRock raises stake in Clicks Group to $239 million

BlackRock Inc., the world’s largest asset manager, has increased its stake in Clicks Group Limited to more than $239 million, underscoring rising global investor confidence in South Africa’s healthcare retail sector. 

The increase, disclosed in a regulatory filing on Feb. 9, lifts BlackRock’s holding in the Johannesburg-listed retailer from below 5% to 5.02%, valuing the stake at R3.82 billion ($239.02 million). Clicks Group is led by Chief Executive Bertina Engelbrecht and remains one of South Africa’s most resilient consumer-facing businesses.

Institutional investors cluster around Clicks
BlackRock, which oversees more than $11.6 trillion in assets globally, has steadily expanded its exposure to South African equities in recent months. The move follows its decision late last month to raise its stake in mining group Sibanye-Stillwater beyond the $500 million mark, highlighting sustained institutional interest in the country despite macroeconomic headwinds.

Clicks continues to attract strong backing from both domestic and international investors. South Africa’s Public Investment Corporation remains the company’s largest shareholder, holding more than 20% of the issued shares.

Asset managers Ninety One and JPMorgan also each control stakes exceeding 5%. The growing concentration of institutional ownership reflects confidence in Clicks’ dominant position in South Africa’s healthcare retail market, supported by defensive consumer demand, expanding private healthcare spending and disciplined capital allocation.

Confidence in healthcare retail resilience
Clicks, currently the 37th most valuable stock on the Johannesburg Stock Exchange with a market capitalization of R76.1 billion ($4.76 billion), has benefited from its scale, strong pharmacy footprint and essential-goods positioning, which have helped shield earnings from economic volatility.

The company’s ability to deliver steady cash flows has made it a favored holding among global asset managers seeking exposure to African consumer growth with lower relative risk.

BlackRock’s increased investment further reinforces Clicks Group’s standing as a cornerstone stock within South Africa’s listed retail and healthcare ecosystem.