Over the past 20 days, South African executive Alan Pullinger has seen a significant decrease in his stake in Gauteng-based financial services provider FirstRand Limited.
The decline can be attributed to selling pressures on the Johannesburg Stock Exchange, which have had an impact on the lender’s valuation.
According to data tracked by Billionaires.Africa, the stake held by Pullinger in FirstRand has suffered a market value loss of R32.91 million ($1.81 million) in the past 20 days. This can be linked to renewed bearish sentiment fueled by profit-booking activities on the local bourse.
FirstRand is Africa’s largest financial services group in terms of market capitalization. Its extensive portfolio of integrated financial services includes FNB, RMB, WesBank, and Aldermore.
The entities operate across a wide range of markets, including South Africa, the UK, and various regions throughout sub-Saharan Africa.
Pullinger, CEO of FirstRand Limited and one of the wealthiest investors on the Johannesburg Stock Exchange, holds a 0.1-percent stake in the leading lender, or 5,634,679 ordinary shares.
As of the time of writing this report, FirstRand’s shares on the local bourse were valued at R62.2 ($3.42), representing a 42 basis point increase from their opening price earlier in the day.
With this valuation, the bank’s market capitalization stands at R349 billion ($19.2 billion), making it the ninth most valuable publicly listed company in South Africa.
The share price of FirstRand has declined by over 8.5 percent since March 8, dropping from R68.04 ($3.74) to R62.2 ($3.42) as of the drafting of this report. This decline has resulted in significant losses for shareholders, including Pullinger, who holds stakes in the bank.
Due to the drop in the bank’s share price, the market value of Pullinger’s stake has fallen by R32.9 billion ($1.81 million), decreasing from Ksh383.38 million on March 8 to R350.48 million ($19.29 million) on March 28.