JOHANNESBURG – Pick n Pay (PnP) Holdings received the thumbs up from the market this week as its share price leapt more than 13 percent on the JSE, after saying it would do away with the pyramid ownership structure introduced in 1981 by the controlling and founding Ackerman family.

Pick n Pay Holdings and Pick n Pay Stores were listed on the JSE, in a structure the firm said Tuesday was outdated. The group said Pick n Pay planned to simplify its shareholding structure to boost the free float and increase demand for shares in the local supermarket chain.

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