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In a turbulent market characterized by profit-taking activities, South African billionaire Laurie Dippenaar has experienced a significant decline in the market value of his stake in FirstRand Limited, Africa’s largest financial services group.
Over the past 10 weeks, Dippenaar’s stake in the Gauteng-based conglomerate has decreased by $37.76 million, according to data tracked by Billionaires.Africa.
Dippenaar, renowned as one of the wealthiest investors on the Johannesburg Stock Exchange, had witnessed a surge in his net worth earlier this year, recording a $16.8-million increase between Jan. 1 and Feb. 14.
However, the downturn has impacted the value of his holdings, driven by profit-taking activities among investors within the local bourse.
FirstRand, with its integrated financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, dominates the African market in terms of market capitalization.
The conglomerate operates actively in South Africa, the UK, and various regional markets within sub-Saharan Africa.
Dippenaar, co-founder of Rand Consolidated Investing in 1977 alongside GT Ferreira and Paul Harris, has played a pivotal role in shaping the success of the financial services group, expanding its reach across Africa. He presently owns a 1.76-percent stake in FirstRand, equivalent to 98,726,988 shares.
Over the past ten weeks, FirstRand shares have declined more than 10 percent on the Johannesburg Stock Exchange, decreasing from R68.04 to R60.63 ($3.129).
The downturn has resulted in substantial financial losses for investors, including Dippenaar, whose 1.76 percent stake in FirstRand has been adversely impacted.
In light of the recent slump in FirstRand shares, Dippenaar’s stake in the Gauteng-based conglomerate has experienced a decline of R731.57 million ($37.76 million), plummeting from R6.717 billion ($346.73 million) on March 9 to R5.985 billion ($308.97 million) as of the time of writing.
Notwithstanding the slump in his stake, Dippenaar remains among the wealthiest investors on the Johannesburg Stock Exchange.
His entrepreneurial prowess and strategic investments have solidified his reputation as a key figure within the South African financial landscape.
