South African billionaire Michiel Le Roux’s stake in Capitec Bank has taken a hit in the past 38 days, with a decrease in market value of $104 million due to selling pressures on the Johannesburg Stock Exchange (JSE).
Despite this setback, Capitec Bank remains a top-performing financial services provider in South Africa, boasting a large customer base and a reputation as one of the most trusted banking brands in the world.
Le Roux, co-founder of Capitec alongside Jannie Mouton and Riaan Stassen, is a 73-year-old South African billionaire who holds an 11.41-percent stake in the Stellenbosch-based financial services provider, one of the biggest retail banks in the country.
Le Roux’s share in the premier lender represents a total of 13,190,043 shares.
Presently, Capitec shares are trading at R1,801.94 ($99.4) on the Johannesburg Stock Exchange, increasing by 1.04 percent from the opening price today and pushing its market capitalization below R210 billion ($11.6 billion).
The bank’s shares have experienced a decline of over 7.4 percent since Jan. 13, dropping from R1,946.13 ($107.35) to R1,801.94 ($99.4) at the time of writing, resulting in significant losses for shareholders of the leading financial services group.
As a result of the recent slump in the company’s share price, Le Roux has seen the market value of his stake in Capitec Bank decline by R1.9 billion ($104.9 million) in the past 38 days from R25.67 billion ($1.4 billion) on Jan. 13 to R23.77 billion ($1.31 billion) on Feb. 20.
Despite the recent slump in the market value of his stake, Le Roux continues to rank among the wealthiest businessmen not just in South Africa, but on the entire African continent.