Wealthy South African businessman Petrus Johannes (Piet) Mouton and entities linked to him have recorded a gain of R512 million ($32.7 million) since the start of the new year thanks to a single-digit surge in the market value of his stake in Capitec Bank.
Capitec is one of South Africa’s largest lenders by number of customers. The bank is a banking brand that leverages its transactional banking services and loan products such as term loans, credit facilities and credit cards to create shared value.
Mouton, who is a director at PSG Group, a South Africa-based investment holding, controls a 5.78-percent stake, amounting to 6,685,622 shares, in the South Africa-based banking group.
As of press time, Jan. 7, shares in the financial services group were trading at R2,116.39 ($135.2), 56-basis points lower than their market-opening price on the bourse this morning.
Within the first seven days of the new year, the market value of his stake has risen from R13.6 billion ($870.5 million) on Dec. 31, 2021 to R14.2 billion ($903.1 million) as of the time of the drafting of this report.
This led to a R512-million ($32.7 million) gain for the multimillionaire in less than seven days.
The multimillion-dollar surge in the market value of his stake can be linked to a surge in the share price of the leading financial services group.
Research conducted by Billionaires.Africa revealed that shares in Capitec have added about $5 each since the year began thanks to investor buying activities, which caused its share price to increase from R2,039.80 ($130.2) to R2,116.39 ($135.2) in the past seven days.
The price bump led to an R8.9-billion ($565.3 million) gain for shareholders since the start of the year.