Home » South African tycoon Noluthando Gosa gains $6.7 million from stake in ArcelorMittal South Africa

South African tycoon Noluthando Gosa gains $6.7 million from stake in ArcelorMittal South Africa

by Omokolade Ajayi

South African businesswoman Noluthando Gosa has seen the market value of her stake in the leading steelmaker ArcelorMittal South Africa rise by R104.22 million ($6.69 million) in the first week of 2022.

Gosa is a leading business executive and the founder and CEO of Akhona Group, a 100-percent Black privately held investment holding founded in 2013. She controls a beneficial 6.15-percent stake in ArcelorMittal South Africa, a Gauteng-based steelmaker with a production capacity of 7 million tonnes of liquid steel per year.

Aside from her business interests in Akhona Group and ArcelorMittal South Africa, Gosa is the co-founder of Likamva Resources, a South Africa-based investment holding with active operations and investments in the country’s mining industry.

The multimillion-dollar surge in the market value of her stake in the first week of 2022 can be linked to a double-digit percentage rise in the company’s stock price, as investors scrambled to take up shares in the steelmaker.

Shares in the leading steel producer closed at a price of R10.4 ($0.667) on Fri., Jan. 7, 97-basis points higher than their opening price on the local bourse.

Since the start of the new year, ArcelorMittal’s stock price on the Johannesburg Stock Exchange has increased from R8.88 ($0.5697) per share at the opening of the market on Jan. 3 to R10.4 ($0.6672) at the time of writing.

This led to total gains of 17.12 percent for shareholders since the year began.

As a result of the surge in the share price of the leading steelmaker, Gosa’s 6.15-percent stake rose from a valuation of R608.87 million ($39.06 million) to R713.09 million ($45.75 million).

This translates to a R104.22-million ($6.69 million) gain for the multimillionaire businesswoman in the first week of 2022.

In the past year, the market value of her stake surged astronomically by more than $41 million thanks to a bullish buying interest in the company’s shares by investors throughout 2021.

In April 2021, Gosa resigned as a director of the Southern Africa-Canada Chamber of Commerce, a business organization dedicated to promoting and developing business opportunities between countries in Southern Africa and Canada.

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