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The stake of South African senior executive Josua Malherbe in Remgro Limited has gained $1.51 million (R22.06 million) in value since the start of 2021 on the back of a surge in the investment vehicle’s share price.
Remgro is an investment holding founded by the South African Rupert family in the 1940s. According to Google Finance, its shares were trading at $7.89 (R114.91) as of press time, noon (UTC+1), July 13.
At the current price, shares in the holding are trading four-percent higher than their opening price of $7.89 (R114.91) per share in July.
Since the opening of the Johannesburg Stock Exchange (JSE) this year on Jan. 4, the Remgro share price on the local bourse has increased from $6.60 (R96.20) to $7.89 (R114.91) as of press time today, July 13.
This translates to a year-to-date gain of 19 percent for shareholders as investors continue to buy stakes in the company, thus sustaining the increase in the share price.
This came despite unimpressive half-year results occasioned by the second wave of COVID-19, which hit the South African economy harder than expected in the second half of 2020.
Malherbe is non-executive co-deputy chairman of Remgro. He is also a non‑executive director and deputy chairman of Compagnie Financiere Richemont, a family-spirited group founded by South African billionaire businessman Johann Rupert in 1988.
Aside from holding critical positions in Remgro, Malherbe is one of the top individual shareholders in the investment holding, with a total equity stake of 1,178,995 ordinary shares in the company.
Since the year began, the market value of his stake in the company has increased from $7.78 million (R113.42 million) to $9.30 million (R135.48 million) on July 13.
This translates to a gain of $1.51 million (R22.06 million) for the top South African executive since the start of the year.
