Pepkor’s Flash and Shop2Shop merger faces scrutiny over shareholder approval

Some directors at Pepkor voted against the group’s R21.3 billion fintech merger because they believed shareholders should have been asked to approve it, according to a report published on 12 October. The report relies on one unnamed person familiar with the board’s discussions. Under the rules of the Johannesburg Stock Exchange, Pepkor did not need a shareholder vote, and it did not hold one.